Powerful Tips to Improve Healthcare Revenue Cycle Management
- December 12, 2018
- Posted by: Thomas Anderson
- Category: Revenue Cycle Management
It is always pertinent to find a simple remedy to your medical billing meeting the unique demands of your practice. Every existing challenge will need tailored solutions and functional best practices that are tuned to a specific practice. It is critical to have effective capture management methods; quality tracking and monitoring that helps in analyzing the performance of the provider.
Meeting the targets of the payers that help in improving the reimbursement process should be a top priority. But, to do that, you will need some golden rules that will serve as the perfect foundation for effective healthcare revenue cycle management.
Verification of Insurance Eligibility has to be an early process
It is true that effective denial management is the cornerstone to boosting the collections. Reduction of the time span in the pending AR is all about handling the rejections. In most cases, ensuring the right checks and balances with a comprehensive eligibility verification and prior authorization process is the key.
In fact, the recurring costs in prior authorization are worth 32 billion today! Hence, it is quite clear that as a practice, you will need to counter rejections with a consistent authorization and verification process. Getting better in your practice management priorities will be the need of the hour.
Daily submission of the medical claims
To earn transparency in your accounts payable, it is important to have a routine process of claims submission that will elevate the process of revenue cycle management. It clearly illustrates that you are in control of your claims and have the desired accounts management priorities in place. A careful balance between the aging and current accounts will be the foundation for getting your medical bills paid by the insurance.
A quick follow-up process
You will always need a follow-up process that is proactive. A constructive counter on why a particular claim is rejected will need professionalism. If you want to meet the deadlines for timely filings, it is always important to set the standards for a quick response from your experts in accounts receivable.
Consistency in medical coding
To get better in your insurance claims, you will need optimized medical coding that meets the mandates of the industry. The advent of ICD-10 has changed the entire scenario and medical practices will need to implement the right order and eliminate the malpractices especially down coding and up coding that damages their brand credentials in the long run. To define a medical procedure, you will need transparent medical coding.