In healthcare, Revenue Cycle Management refers to the process of managing your office’s claims, payments, processing, and revenue generation. Two essential tools for managing the patient revenue cycle of your office are medical billing software and practice management software. These tools can efficiently track the claims process.
The healthcare revenue cycle process involves several steps, including determining the patient’s eligibility, collecting co-pays, tracking and correcting coding claims, collecting payments, and following up on rejected claims.
Below are some major barriers to revenue generation. Check if your office is struggling with these problems:
Revenue cycle optimization works like a supply chain. If one person fails to perform their task correctly, it can affect the whole chain. For example, if an employee enters incorrect data such as patient demographics or insurance information or makes coding errors, it can cost your office a lot of money. It is also important for employees to understand how their job affects office revenue.
To generate office revenue, it is essential that every employee understands their job role and how it affects office revenue. Communication is key here. Communication between employees should always be open. Regular meetings should be conducted to analyze financial reports that include account receivables, collections, and revenue.
Maintaining a proper workflow is essential for revenue generation. You need to keep track of everything happening in your office. Check charge slips for any missing charges, ensure your staff checks patient eligibility and co-pays before the patient arrives, and examine how long your staff takes to process claims and follow-ups.
It is crucial to establish a workflow and ensure everyone follows it. A good workflow will help your staff remember their tasks, resulting in fewer delays and errors in payments.
Apart from preventing the problems mentioned above, it is crucial to be aware of claim rejection. CMS rejects 26% of claims, and 40% of claims are never resubmitted. Rejections can reduce revenue by 10% per physician.
Choose a company that specializes in Revenue cycle management. They can help you resolve multiple issues in training, communication, and office workflow.
To sum up, Revenue Cycle Management is an essential process for any healthcare office to optimize its revenue cycle. By understanding and addressing common challenges such as untrained staff, communication gaps, and poor workflow, you can reduce claim rejections and increase revenue. However, managing revenue cycle can be a daunting task, which is why partnering with a specialized Revenue Cycle Management company can make all the difference. At Infomatic Solutions, we offer expert Revenue Cycle Management services to help your office overcome these challenges and maximize revenue. Contact us today to learn more and start optimizing your revenue cycle.