To ensure the financial health of your business, it’s essential to optimize your medical billing process to be as efficient as possible. Here are 3 tips for successful healthcare revenue cycle management.
1. Verify insurance eligibility
According to a 2016 study by Change Healthcare, the top reason for denied claims stem from registration and eligibility issues. When a patient makes an appointment, whether they’re a new or existing patient, it’s vital to verify their insurance coverage. With Zocdoc’s Insurance Checker, both providers and patients can verify their insurance coverage, eligibility, and in many cases, their deductibles and co-pays within minutes.
2. Offer education and training
Employee programs that educate and train staff on factors such as proper coding techniques, charting and providing patients with financial policies can reduce errors, reduce staff turnover and ensure a consistent cash flow. The American Association of Healthcare Administrative Management or the American Institute of Healthcare Compliance both offer training programs and certification.
3. Outsource revenue cycle management
According to a 2016 report by market research firm Black Book, nearly 88 percent of medical groups with 100 or more providers are outsourcing their revenue cycle management.
A revenue cycle management software vendor, like Revenue Management Corporation, can help your organization implement policies and procedures for handling pre-registration, automate coding and insurance eligibility verification, tracking claims, resolving denials and managing reimbursement issues. A health IT solutions provider can also help your organization use big data analytics to run a successful revenue cycle management model.
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