7 step approach to increase your practice’s revenue

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7 step approach to increase your practices
revenue
In our previous blogs, MBC has highlighted ways
in which you can focus on the health of your
patient and yet manage to deliver error-free
claims and reduce your medical billing costs just
by outsourcing your billing revenue cycle. The
new rules and regulations introduced by the
Accountability Care Act (ACA) have led to a host
of administrative and operation complexities in
the medical practice. This inevitably leads to
higher investment in not just trained staff that
keeps updated about the regular updates
introduced by the CMS but constant upgrades for
software and hardware. This leads to misdirection
of attention to such overheads rather than
focusing on Patient Care- your passion. Further,
for smaller practices, the introduction of
Value-based care is impacting the revenues of
healthcare providers who need to ensure they
receive every dollar earned while giving quality
patient care. 7 step approach to increase your
revenue Here we provide a 7 step approach that
can help you keep your focus centered, i.e.
patient healthcare, and yet align your practice
towards increasing your revenues while minimizing
certain expenses and the risk of reimbursement
loss.
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7 step approach to increase your practices
revenue

• Vigilant Patient Verification Eligibility
• This is very essential as even a tiny spelling
  mistake will have the payer rejecting or denying
  the claim. Ensure that all patient details are
  checked as per payer forms and their insurance
  details upfront. Moreover, if the patient is not
  covered by the payer, it could mean a loss of
  revenue for your practice. This is time-consuming
  and can take a lot of effort. Either providing a
  checklist to your staff or outsourcing the
  verification and eligibility could help you save
  a lot of not just time but even dollars.
• 2. Maintenance of Electronic Health Records
  (EHR)
• Healthcare authorities are now insisting on
  meaningful use of EHR, a tool that helps to
  effectively manage patient medical records for
  security as well as helping to devise healthcare
  plans. This also aids in minimizing documentation
  issues and errors. The need to invest could prove
  costly both in terms of operation as well as
  administrative (training staff and software
  upgrades). But when outsourced that part is taken
  care of and hence streamlined and also helping
  meet government compliance.
• 3. Stringent Billing coding

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7 step approach to increase your practices
revenue
Even a small coding error can mean diminished
returns as the claim will be either denied or
rejected. Moreover, CMSs constant changes in the
introduction of new codes and modifiers require
knowledgeable staff and efficient systems. Moving
towards an integrated end-to-end system that
integrates both the front and back-office data
flow, provides seamless workflows, and
streamlines the coding and billing process
integrated with the practice management process
will ensure a healthy cash inflow. 4. Enhanced
Practice Management  For any healthcare
provider, the need to put into place a practice
management process is very essential. Practice
management system not only helps to furnish basic
reports like days in A/R aging by the payer or
the productivity of individual providers, but can
also help managers why certain kinds of claims
have been denied, which health plans present
consistent problems in certain areas, or why
claims get held up when theyre being prepared
and validated. By streamlining this process, and
integrating it with the and RCM process, ensures
a much more efficient way to ensure that your
revenues continue to flow and rectify
discrepancies when detected. 5. Effective
Revenue Cycle Management (RCM)
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7 step approach to increase your practices
revenue
This is the most critical of all processes to
ensure that revenue is not lost. It involves
claims processing, payment, and revenue
generation, and now entails the use of technology
to keep track of the claims process at every
checkpoint. It is a known fact, as per the
Medical Group Management Association (MGMA), that
nearly 50-65 percent of denials go
unclaimed. This means that not only are you
missing out on revenue, but also on the chance to
spot denial trends and prevent future
occurrences. Resubmission of claims means loss of
dollars in your cash flow as it costs an average
of 25 per claim for the resubmission process.
Imagine, just 50 denied claims mean a loss of
1,250 in administrative costs alone. According
to a report from Micro Market Monitor, the
revenue cycle management market is currently
valued at 20.5 billion and is estimated to reach
40.4 billion by 2021, at a developing CAGR of
12.0 percent from 2016 to 2021. Errors in revenue
cycle management can result anywhere between a 3
percent to 5 percent loss of revenues in
hospitals/clinics. It is thus advisable to
outsource the RCM to concentrate on patient
health. 6. Improved Automation of
Accounts/Receivable
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7 step approach to increase your practices
revenue
This is the key to having an efficient and
effective healthcare practice. It has been
recorded that nearly 26 percent of self-employed
doctors and 35 percent of those employed in the
healthcare industry spend 10 hours per week on
paperwork and administration! Moreover,
automation can help provide an error-free claims
process- as once data of the patient has been
correctly entered, then processing later will be
hassle-free as automatic updates to your system
will be available with respect to not just
verification but also insurance
eligibility. Moreover, automation in coding and
billing can help increase efficiency and decrease
the chances of claim denial and thus make
effective the Accounts Receivable (A/R) process.
Practices whose receivables are past due over 90
days mean a loss of revenue and when this process
is automated the issues can be addressed to
shorten the payment time frame and prevent
similar problems in the future. 7. Scrupulous
Compliance Being compliant in todays medical
practice can save you dollars. The number of
reports that need to be submitted online and
meeting the auditing compliance process, is very
essential that your practice does not get hauled
up for waste, abuse, or fraud and thus avoid
costly and inconvenient potential legal
pitfalls.  
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7 step approach to increase your practices
revenue
Healthcare providers who follow the above 7 step
approach, and strategize on either outsourcing
the entire medical billing and coding process or
just their Revenue Cycle Management (RCM) or
Electronic Health Management (EHR) process will
definitely see revenues increase due to a more
efficient process that can be integrated with
in-house systems and processes.