Top 5 Ways to Improve Your Revenue Cycle Management

The revenue cycle refers to an integrated system of processes undertaken by a provider to track and manage patient data from the initial patient encounter until the claim is paid. This includes everything from patient registration and scheduling to billing and collecting accounts receivable throughout the entire clinical process.

To all proud providers out there, your success in the competitive healthcare space depends on how well you manage your revenue cycle. A poorly managed revenue cycle can result in an unproductive practice, unsatisfied patients, and ultimately a failing practice. There is simply no way to overstate how important the sound management of the revenue cycle is for your practice.

However, if you have no idea where to begin with streamlining RCM and how to get things made up, this 5-point guide can serve as a good starting point. As a follow-up to the discussion, let’s get to the solutions to safeguard your RCM from errors, omissions, and inefficiencies. 

5 Best Ways to Manage Your Revenue Cycle

Patient satisfaction can go down, productivity can drop, and revenue loss can happen, as a result of inefficient RCM. To avoid these costly consequences, it is crucial to have a well-thought RCM plan in place. This guide will provide you with the 5 key steps necessary to ensure your practice stays on top of its revenue cycle management.

Here are 5 key points to make revenue cycle management more efficient: 

1. Verify Insurance Eligibility of Patients at First Hand 

Verifying insurance eligibility up-front is beneficial to both the practice and patients , as it can help them better understand their financial responsibility prior to their appointment. Accurate verification of patients eligibility and benefits lead to a faster and more efficient revenue cycle. 

Prior insurance verification of patients also eliminates the need to rework on rejected claims, allowing  providers quicker turnaround on payments and a healthier cash flow for the practice. This, in turn, leads to greater efficiency, improved patient satisfaction, and a more lucrative bottom line for the provider.

2. Implement Clear Patient Financial Policies

Establishing clear financial policies for patients about payment and billing procedures can help ensure smooth financial transactions with your patients. Providing policy details in advance will help ensure that your patients are aware of policies and compliance before they visit your clinic.

Another matter of significance here is that your staff should be trained to answer any questions patients may have about your policies, co-payments, deductibles, or other out-of-pocket expenses. However, taking advantage of Capline’s patient answering service can free up your staff to devote more time to patient care. 

3. Streamline the Billing Process

Simplifying the billing process is an effective way to improve revenue cycle management. You can achieve this for your practice by implementing electronic billing systems and payment processors, automating claim submissions, and managing unpaid claims and patient balances with software.

Capline’s IT support promises providers with both manual and automation support to streamline the billing process. The hybrid support encompassing human and technology intervention can reduce the risk of errors, speeding up the billing, claims submission, and collection processes.

4. Monitor Key Performance Indicators (KPIs)

Keeping tabs on the KPIs can ensure the good financial health of your practice with more informed business decisions. Monitoring KPIs, such as clean claims rate, days in accounts receivable, and denial rate, can help you stay up-to-date on how your practice is performing and adjustments needed to maximize efficiency.

Capline, a healthcare billing expert, can bring you a whole set of tools and expert assistance to track these KPIs to identify areas of improvement. Based on which you can set your path ahead with strategic planning and implementation to reduce claims denials, improve collections, and streamline revenue cycle management.

5. Train Your Staff on Revenue Cycle Management Best Practices

Equipping your healthcare personnel with the necessary knowledge and skills on revenue cycle management can ensure the optimal and efficient operation of your practice. Staff trained on eligibility verification, billing procedures, and claims processing can be your asset for streamlined revenue cycle. 

By having knowledgeable and experienced staff familiar with the nuances of the healthcare billing and revenue cycle system, you can ensure a steady workflow for your practice. With the improved efficiency, you can rest assured that your practice’s revenue cycle is being handled with the utmost precision and speed.

Wrap-up

Having a reliable and experienced team is essential to ensure successful RCM operations. Though this is good to keep your healthcare staff informed of the above 5 points about RCM practices, keeping them occupied in handling these operations can deviate them from delivering best care to the patients. 

Allowing Capline’s billing and RCM experts to serve you as your extended billing team to manage your revenue cycle will free up your staff to focus on patient care. Not only will it save your practice from unwarranted administrative burden and expenses but will also bring highest efficiency and accuracy in revenue cycle management.