From overlooking the revenue funnel to managing collections and claim submissions, revenue cycle management is a full-time job and the most crucial element of any healthcare facility. It starts when the patient books an appointment because delivering quality services to the patients has a direct impact on the reputation of any healthcare facility.
Why is the Revenue Cycle Important?
If the revenue cycle of a hospital is managed well, the healthcare facility can produce higher margins but if it is not, it could face substantial loss. Mistakes in billing, coding and misidentification of patients at the front-end, as well as miscommunication can cause denied claims resulting in delayed payment. Therefore, a well-planned revenue cycle of healthcare organizations is crucial for them to meet the needs of industry and pay bills. Without the right solution, physicians may be unable to ensure accuracy of claims, and eventually dependent on payments from patients and it will become difficult for them to efficiently manage their billing internally. This is why providers must look at the following strategies to increase and stabilize the revenue of their medical practice. This will not only aid in maintaining their revenue cycle but also increase it significantly.
Factors to look for
The following are some of the core factors that can improve the revenue of a healthcare facility
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Always Collect Difficult Payments
Smaller businesses often do not have the resources, in terms of money and workforce, to run medical billing in-house. The positive side is that outsourcing complicated cases of collections and using an effective revenue cycle management RCM solution could be an option to increase your revenue by automating the claim processing and claim submission. Medical billing is an effective way to ensure the payments are collected in their due time.
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Improve Clean Claims
A clean claim is a claim that is properly submitted the first time around, giving a quicker processing time for payment and will not be denied or rejected. The submission of a clean claim directly determines how fast the provider is paid by the insurance company. In order to submit a clean claim, the only way is to have a professional team or get in touch with an expert vendor. It is crucial that medical practitioners improve their clean claim rate to safeguard and maximize the speed of payments, which will positively influence their medical practice’s revenue. The most cost-effective, fastest method of doing this is to work with a revenue cycle management (RCM) services provider or a technology partner for medical practice management solution which specializes in clean claim.
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Enhanced Scheduling
The ability to schedule better is a crucial aspect of increasing the revenue of your medical practice. Many healthcare providers are experiencing large numbers of patients who do not show up which negatively impacts their bottom income. It doesn’t matter if their patients forget or scheduling workflows are not functioning, or they have low levels of customer loyalty. Improving their scheduling processes is crucial for them to improve their service.
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Reducing No-shows
By reducing no-shows, providers can charge more for services that are completed and provide more follow-up services with their clients, and don’t end up spending their time if their patients fail to show to their appointments.
Summary
In this article, we have briefly discussed how to optimize revenue with the help of revenue cycle management services. Moreover, we have also shared some of the core factors that will help the providers increase their revenue using tools like practice management.
