Proven tips to improve your Revenue Cycle Management

Revenue Cycle Management is a significant aspect of every provider’s facility as they work to cure the people and billing companies or their in-house staff work to collect co-pays, verifying insurance data, collecting post visit balances, and much more. More than 3 out of 4 healthcare leaders say denials are their greatest challenge, according to a Healthcare Information and Management Systems Society (HIMSS) survey.

Tips to improve RCM

Adoption of New Technology

In current COVID-19 situation, it has been logical that technological adoption is increasing at a fast pace in the healthcare industry than ever. New technology tools like digital payment gateways, electronic claim submission, advanced reporting and others are playing a great role in the Revenue Cycle Management process. So, all providers need to right use of advanced technology tools so that this will help in patient communication and to optimize the RCM process for your practice.

List your most frequently billed codes

Normally, most frequent medical codes account for roughly 70 percent of your practice. Once you list your top billed CPT codes, add fee schedule rates according to payers and code to the matrix for an ongoing rate analysis and comparison. This will help providers to understand which payers are most valuable for your bottom line.

Monitor Updates

It is the practice’s responsibility to monitor changes to payers’ guidelines and fees. Use of internet is a good idea to check the payers’ updates, by visiting the appropriate payer’s and government website you can check their recent published updates. Here are few websites to check updates:

• Medicare’s Updates
• Federal Register

Effective Billing Systems

The billing issues are the most common reasons for delayed payments. Patients get confused when they find some complicated or unwanted terms and conditions in their medical bills. This results in billing conflicts and delayed payments that affect your practice RCM process.

At MedisysData, you can easily restructure your billing processes in a perfect way without any errors. This will help you to increase patient engagement and to achieve a better payments cycle and better outcomes for your RCM.

Identify Uncollected Debt

Apply an effective solution to the uncollected sums due before sending that cash to accumulations where your return is sliced down to half when collected. By utilizing correct practice management software with experienced professional medical billing company like MedisysData can help you to identify uncollected debt effectively.

Improve Claims and Denials Processes

Patients often have a difficult time understanding their insurance cards. As time progresses, insurance policies become more and more difficult for patients to understand. Beyond this, properly processing claims has become more difficult for the provider. By working to analyze the data on denials, issues can be found that will be improved during the process of improving RCM.