{"id":10053,"date":"2013-09-08T17:14:24","date_gmt":"2013-09-08T21:14:24","guid":{"rendered":"http:\/\/blog.carecloud.com\/?p=10053"},"modified":"2025-06-26T14:56:33","modified_gmt":"2025-06-26T14:56:33","slug":"3-ways-to-fine-tune-your-revenue-cycle","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/3-ways-to-fine-tune-your-revenue-cycle\/","title":{"rendered":"3 Ways to Fine-tune Your Revenue Cycle"},"content":{"rendered":"

Defective revenue cycles are like faulty fuel lines in your car. They leak the juice that keeps your practice running properly. Without a healthy stream of revenue coming in, your practice will eventually break down.<\/p>\n

Denied claims, underpayments, and patients failing to pay copays<\/strong> are some of the leading causes of revenue cycle inefficiencies, creating a syphon that slowly drains profits from your practice.<\/p>\n

<\/p>\n

As with your car, sometimes it helps to call in a professional for repairs. Reading this should help you plug the leaks and ensure better reimbursements moving forward.<\/p>\n

Denied Claims<\/strong><\/h3>\n

Reoccurring claim denials by payers create a hidden expense for your practice. According to MGMA, the\u00a0average claim denial costs practices $25 to $30 each<\/strong>, even if the payment eventually gets approved.<\/p>\n

CareCloud Central makes reducing claims denials easy by allowing you to check patients\u2019 insurance eligibility before they even step into the office. Automatic eligibility checks are performed in batches overnight, letting you verify eligibility in advance without doing any extra work.<\/p>\n

Another way to reduce denials is making sure your staff submits claims correctly. They may need to slow down, be more careful when filling out forms and double-check their work before submittal.<\/p>\n

For a speedier solution, consider subscribing to CareCloud Concierge, our revenue cycle management service. Concierge combines extensive practice management tools with expert medical billing support to make nearly every claim submittal a successful one.<\/p>\n

Underpayments<\/strong><\/h3>\n

Due to a large number of payer contracts a practice must keep track of, underpayments by insurance providers can go unnoticed for extended periods of time.<\/p>\n

It\u2019s essential to review contracts at least twice a year<\/strong>\u00a0and confirm each payer is reimbursing accordingly. Focus particular attention on the most popular insurance providers.<\/p>\n

Also, keep payer contracts\u00a0organized by using a contract matrix<\/a>, which lists all of the renewal dates for your current agreements. Many contracts renew automatically, meaning your rates stay locked in. By knowing when contracts expire, you can renegotiate new, more profitable terms.<\/p>\n

Patient Failure to Pay Copays<\/strong><\/h3>\n

The best time to collect copays is when the patient is in the office because once they leave, the chance of actually receiving payment decreases and the cost of collections increases.<\/p>\n

Using communication to your advantage is the key. Before patients leave the office,\u00a0ask them\u00a0how<\/em>\u00a0they would like to pay their copay that day. Asking how<\/em>, not if<\/em><\/strong>, will enhance the chances of them paying before leaving.<\/p>\n

Also, prepare patients for what they can expect to pay out-of-pocket by offering price estimation. Create estimates based on what other patients pay for the same service.<\/p>\n

Chances are, if patients have the funds to pay and are prepared ahead of time, it\u2019s likely they\u2019ll come prepared to pay when they visit.<\/p>\n

Optimizing revenue cycle management is the key to maintaining a profitable practice. By plugging the leaks in your collections process, you can retrieve the revenue that would have been lost otherwise.<\/p>\n","protected":false},"excerpt":{"rendered":"

Defective revenue cycles are like faulty fuel lines in your car. They leak the juice that keeps your practice running properly. Without a healthy stream of revenue coming in, your practice will eventually break down. Denied claims, underpayments, and patients failing to pay copays are some of the leading causes of revenue cycle inefficiencies, creating […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[39],"class_list":["post-10053","post","type-post","status-publish","format-standard","hentry","category-revenue","tag-revenue"],"yoast_head":"\n3 Ways to Fine-tune Your Revenue Cycle \u2013 Continuum<\/title>\n<meta name=\"description\" content=\"Learn why robust revenue cycle might be one of the most important pillars of your practice. 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