The author of this article is Alex Tate, who is a health information technology expert dedicated to providing answers to problems faced by healthcare providers.
With solid strategies, physicians can maximize their revenue cycle management (RCM) and increase their bottom line. Here are seven ways to accomplish this challenging goal:
- Treat compliance seriously: Accurate billing is critical to ensuring realistic expectations for billing teams.
- Look to improve: Regularly assess ways to make processes more efficient, maximize cash flow, and reduce bad debt while improving on denials and underpayments.
- Integrate technology: Integrate electronic health records and practice management systems to capture charges at the point of service while decreasing time to claim submittals.
- Manage denials: Train staff to verify insurance eligibility at check-in to reduce denials. Also, develop processes to monitor denials as they come in.
- Get training: Educating physicians and staff about the different facets of RCM increases the likelihood of developing a workflow that increases the bottom line.
- Perform analytics: Track cost containment efforts and improvements to patient outcomes.
- Consider outsourcing: Outsourcing billing needs allows physicians to maintain close relationships with patients and get paid at the same time. It could also free up time that staff could be using in other areas of practice management.
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