Improving Revenue Cycle Management of Healthcare Practice

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Improving Revenue Cycle Management of Healthcare
Practice
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Improving Revenue Cycle Management of Healthcare
Practice
Efficient revenue cycle management is essential
for healthcare practice to operate successfully.
Revenue cycle management includes all necessary
functions starting from collecting patient
information up to receiving accurate
reimbursements for delivered services. Revenue
cycle directly affects the practices bottom line
and indirectly affects patient care. Revenue
cycle management today is about much more than
traditional billing and collecting activities. To
make the most out of revenue cycle management and
keep up with healthcare industry changes and
trends, providers should fully understand what
revenue cycle management is and must work towards
its constant improvement. Improving Revenue
Cycle Management Improved Patient Care Patients
are the most important factor to consider when
running a medical practice. Quality patient care
is more than just providing treatment. Its
providing a satisfactory experience where
patients feel heard, acknowledged, and guided
through what may be a very stressful time in
their lives. For many patients, healthcare and
insurance can be intimidating and confusing.
Providers should aim to make the patient
experience as stress-free as possible. By
providing a more satisfactory patient experience,
a healthcare practice can guarantee those
patients will return the next time they need
medical care. That means higher profitability for
the provider.
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Improving Revenue Cycle Management of Healthcare
Practice
Accurate Coding Adoption of accurate coding
practices will aid in generating higher revenues
and decreasing claim denials from insurance
carriers. By achieving optimal coding
compliances, a healthcare facility can prevent
disruption of the medical flow and avoid
regulatory penalties. While these processes are
tough to manage in-house, handing it over to
experts and professionals from billing companies
like Legion Health Care Solutions could improve
RCM efficiency. Our certified coders are well
versed with medical speciality specific and payer
specific coding guidelines. Reduce
Denials Within the revenue cycle process, claim
denials cost each healthcare provider an average
of 5 million every year. Its acceptable practice
to receive claim denials up to 5 percent of total
submitted claims. It might happen due to
continuously changing industry and payer specific
billing guidelines. But claim denials more than
10 percent could be a cause of concern. You might
be following wrong billing practices or your RCM
team may not be sufficiently skilled or
experienced to do the job. Whatever might be the
reason, every denied claim should be addressed
and must be reworked and submitted on time to
avoid timely filling limits. Best way to reduce
denials is, work on every single claim, talk to
the insurance rep on denial reason, discuss the
resolution and modify your billing process flow
accordingly.
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Improving Revenue Cycle Management of Healthcare
Practice
Patient Education Patients can make better
decisions about planned medical procedures when
they are educated about basics of medical billing
and insurance coverage/ healthcare plan benefits.
You need to educate patients early in the process
of medical treatment or medical care. This will
ensure patients are not surprised when they
receive a medical bill after discharge or a
medical appointment. Healthcare staff will need
to be prepared to help estimate the costs of care
for each medical services so that patients are
prepared to pay their bills. Additionally,
patients will need to be updated on any financial
assistance programs they may qualify for.
Educating patients on these financials is
becoming an important part of revenue cycle
management, as it helps hospitals and clinics
avoid debt collection. Cost transparency is also
an important part of improving patient
communication. Outsourcing RCM Providers can
improve their RCM by outsourcing it to a medical
billing company like Legion Health Care
Solutions. By associating with an experienced and
knowledgeable company to manage their revenue
cycle, providers can guarantee the revenue
cycles success without having to commit excess
time to it. Plus, by not managing the revenue
cycle themselves, providers can dedicate more
time to quality patient care. An increase in
prompt, accurate provider reimbursement while
boosting patient focus is a win for patients,
providers, and administrative staff alike.
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Improving Revenue Cycle Management of Healthcare
Practice
Legion Health Care Solutions is a leading medical
billing company that can assist you in revenue
cycle functions for your practice. We constantly
keep track of key medical billing metrics to
receive accurate insurance reimbursements for our
clients. Please call us to know more about our
billing and coding services at 727-475-1834 or
email info_at_legionhealthcaresolutions.com
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