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The revenue cycle is what ensures the financial health of healthcare practice and organizations. It is important to make sure that you have a smooth RCM, well-managed by a team of professional experts to ensure accuracy, compliance, safety, the security of the facility finance. We have listed out a few best practices that healthcare facilities around the world are implementing for maximum efficiency and a higher return on investment:

WORK ON PRE-ADMISSION:

Appointment scheduling and pre-admission sets the foundation of a streamlined and strong foundation of revenue cycle management. The first point of contact with the patients determines their journey and the relationship you will build with them. Allocate a section of the staff to establish contact with the incoming patients before their appointments, and guide them through the procedures and policies practiced in your facility, in brief. Connecting before the appointment will give the patients the opportunity to ask queries if they have any, and this will also speed up the registration process, helping to smoothen the process. 

SOFTWARE SOLUTIONS:

It IS IMPORTANT FOR YOUR HEALTHCARE MANAGEMENT TO MAKE SURE THEY STAY UP TO DATE WITH THE LATEST SOFTWARE SOLUTIONS AVAILABLE IN THE MARKET. Cloud-based revenue cycle management software, online patient portals for appointment scheduling, payments collection help increase patient involvement and reduce the burden of the staff’s shoulder. This will also help patients take control of health-related information. Adequately implementing software solutions can help unclog and streamline the revenue cycle. 

DATA INSIGHT:

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Technology can be of great help in trying to understand what patients want from healthcare and how they can deliver quality care and treatment. Insight into patient trends utilizing software solutions can help you identify payment rates, rates of the visit. This will help make a data-based decision, making billing and payment a hassle-free and efficient process. 

DEDICATE FRONT END AND BACK END RCM STAFF:

Having one team manage the entire revenue cycle will have an adverse effect on the staff’s efficiency and the bottom line of the facility. The front end is responsible for appointment scheduling, insurance verification, and registering new patients. The back end, on the other hand, is responsible for claim management, medical billing, and collection. This is why it is important that you dedicate separate teams for front end and back end revenue cycle management. Segmentation will help in quicker and more accurate processing of claims and reimbursement. 

SET BENCHMARK:

This is especially important for the healthcare organization to periodically work on laying out their benchmark for the quarter in accordance with how they have been performing so far and what are their lagging areas that need immediate attention. Identify whether it is the claim reimbursement or payment management. Benchmark will help improve the efficiency and productivity of the staff and the organization. 

PERIODIC AUDIT:

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Auditing is important to understand what are the reasons behind the declining reimbursement rates (if any) and to identify the gaps that might be hampering the expedition of the claim submissions and payments. Auditing helps bring the overlooked inadequacies to the surface, thereby helping you improve your workflow and efficiency. 

CLAIM TRACKING

The significant reason behind clogged account receivables is the facility’s not paying heed to the 

The claims that have been rejected or denied. They pile up and add to the burden on the ADMInISTRATIVE STAFF. It is important that every claim is periodically tracked to check for any discrepancy which can be promptly resolved for streamlined operation. 

PATIENT ENGAGEMENT:

To ensure that the financial health of your facility is at its best, it is important that you go beyond just delivering treatment and focus on enriching the overall patient experience in their healthcare journey, right from treatment to finances. Ensure patient adherence to payment requirements by simplifying the mode of payment. Ease their billing process, making sure they have o trouble understanding the procedures. Quality patient engagement will reflect on your enhanced bottom line. 

REGULATORY CHANGES:

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The standards and protocols guide the operation and revenue cycle management in a healthcare organization. Make it a point to stay updated with the changing policies like the affordable care act, HIPAA standards, ICD-10. Your staff should be periodically trained on the latest tools, technology, and software available so that your RCM is well-maintained and never has to be on the wrong side of the legal system.

OUTSOURCE HEALTHCARE REVENUE CYCLE MANAGEMENT COMPANIES:

While the aforementioned can help you unclog and fix the problem areas, making your facility work more efficiently, this will require specific professional expertise and will consume significant time, money, and resources which could otherwise be utilized in attaining goals and objectives of the practice and enhance quality care and treatment. Instead of worrying about adherence, staying updated, and periodically implementing them, why not outsource these services to healthcare revenue cycle management companies service for healthcare facilities and organizations around the USA, like Medphine, which offers comprehensive medical billing and coding at the most competitive market price ensuring streamlined revenue cycle management, minimum claim denials, and accelerated cash flow. 

They are offering a 30-day free trial revenue cycle management service without any obligation to sign a long term contract. 

Reach out to a healthcare revenue cycle management company representative today!