The Latest Healthcare Insights
What many people do not realize is that there is a lot of work that gets done behind the scenes in the back office of a medical facility. Let us not forget that collections and billing is an arduous process that requires a group of highly trained staff members. With that said, keep reading and discover a few tips for improving your back office billing.
As health care organizations aim to tighten their business processes to drive revenue and increase cash flow, specialty practices sometimes find themselves behind the curve, unsure of where to begin to improve performance. Part of the reason is there are some common misconceptions about the revenue cycle and the best ways to optimize it.
To maximize their reimbursement rates, today’s healthcare providers must take control of revenue cycles, and that requires optimizing three particular areas: estimates, claims, and collections.
In order to help their patients, healthcare providers need to buy equipment, pay salaries, and spend money to maintain an effective, efficient customer experience. Revenue is what makes healthcare work, so preserving revenue should be a main priority for healthcare administrators.
Here are three improvements that can facilitate process improvements, increased revenue and accelerated reimbursement from both patients and payers:
The title of the article may look unrealistic but you may find an answer towards the end. Revenue Cycle Management (RCM) has been a problem area for many practices and most of them leave the money on the table without even realizing that they have a problem.
Medicare is undertaking a significant update to how it pays for physician services. As is typically the case with Medicare, privately managed Medicare will likely follow suit. It is important to understand the details around the MACRA as it will impact many of our health plan clients.
As competing priorities emerge, it’s getting tougher and tougher to find the time and resources to effectively manage today’s revenue cycle processes.
