Managing your revenue cycle is essential for your practice ‘s bottom line, with proper coding, payment and account management and reconciliation.Key issues:
- Inconsistent processes or lack thereof result in lost revenue, miscommunication and lost data leaving groups vulnerable to compliance issues.
- Optimizations revenue with knowledge of contracts and negotiating contracts timely. Timely filing and checks and balances of payments, appeals and reconsiderations.
- Writing off claims due to lack of process, staff or follow up. Are you aware of how much your write offs are due to revenue cycle opportunities
- Standardization of reports to evaluate root cause of issues. Are denials due to non-credentialted providers? Are denials are a result of authorization issues?
Revenue cycle is a team responsibility involving all teams front and back office to establish consitencies for a successful practice with a healthy bottom line.
How Can We Support?
Do you have processes in place? When was the last time your billing staff reviewed/negotiated contracts? Do you have a process for completing chart audits for quality checks against your policies and procedures?
Reference: Electronic Health Reporter – RCM Mistakes