{"id":11008,"date":"2014-11-25T13:52:53","date_gmt":"2014-11-25T18:52:53","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=11008"},"modified":"2014-11-25T13:52:53","modified_gmt":"2014-11-25T18:52:53","slug":"4-secrets-to-enriching-your-revenue-cycle-for-2015","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/4-secrets-to-enriching-your-revenue-cycle-for-2015\/","title":{"rendered":"4 Secrets to Enriching Your Revenue Cycle for 2015"},"content":{"rendered":"<p>Billing and collections are the lifeblood of a profitable medical practice \u2013 no surprise there. In fact, a <strong>Practice Profitability report<\/strong> from CareCloud and QuantiaMD finds\u00a0physicians most often target <strong>billing and collections processes <\/strong>to improve operational performance.<\/p>\n<p><!--more--><\/p>\n<p>But what\u2019s the best route toward more efficient revenue cycle management? We&#8217;ll look at multiple options to improve your revenue cycle, including:<\/p>\n<h2>Adopt Modern Practice Management Software<\/h2>\n<p>Efficient practice management software can save money and simplify the claims process. For one, completing and submitting claims electronically\u00a0<strong>eliminates paper and delivery costs<\/strong>. What\u2019s more, practice management software that automatically populates key fields and reviews claims in advance for errors can lead to faster payment and fewer follow-up tasks for your staff.<\/p>\n<h2>Collect Copays On the Spot<\/h2>\n<p><a href=\"http:\/\/www.webpt.com\/blog\/post\/importance-collections-or-avoid-writing-copays-post\"><strong>According to Nancy White<\/strong><\/a>,\u00a0Associate Director of the American Physical Therapy Association,\u00a0<strong>the chance of collecting a copay from a patient drops almost 20%<\/strong>\u00a0as soon as a patient walks out of your office. Not only that, but your staff must then spend valuable time and money sending patient reminders and follow-up bills.<\/p>\n<p>Here\u2019s a tip: Instead of asking whether they\u2019d <em>like<\/em> to pay today, ask patients\u00a0<em>how\u00a0<\/em>they want to pay. By not presenting the option of delayed payment, patients are more likely to pay immediately \u2014 and less likely to leave you empty-handed in the moment.<\/p>\n<h2>Outsource Revenue Cycle Management<\/h2>\n<p><strong><a href=\"https:\/\/www.carecloud.com\/continuum\/practice-profitability-index\/outsourcing-your-medical-billing-reason\/\">Outsourcing medical billing functions<\/a><\/strong> to a capable third party\u00a0can allow you to ease pressure on your internal staff and improve financial results. Instead of tasking your staff with filing claims and following up with payers on denials, a vendor can handle the majority of the paperwork and hassles for these critical revenue cycle steps.<\/p>\n<p>Many practices simply don\u2019t have the time to pursue payment for denials or are so busy that they don\u2019t submit claims in a timely fashion, leading to lost revenue. However, outsourcing can help you avoid sacrificing revenue or slowing down cash flow due to limited resources.<\/p>\n<p>Before outsourcing, though,\u00a0<strong>research multiple companies to find the best solution<\/strong>. Don\u2019t put your revenue cycle management in the hands of a company that doesn\u2019t offer full transparency, earn your trust, and secure your payments in a timely fashion.<\/p>\n<h2><strong>Hire Experienced Billers<\/strong><\/h2>\n<p>If you decide to keep your billing processes in-house, keep in mind the <strong><a href=\"http:\/\/www1.salary.com\/Medical-Billing-Clerk-Salary.html\">median expected salary<\/a><\/strong> of a medical billing clerk in the U.S. is $34,683. Therefore, hiring two or more billers could cost you about $70,000 or more per year \u2013 and that\u2019s only one function of practice management.<\/p>\n<p>Also, keep in mind that inexperienced billers and collectors may need closer supervision, especially with major industry changes like ICD-10 on the horizon. These employees require significant training, requiring considerable investments of time and money on your part. In addition, inexperienced billers are more prone to errors, resulting in costly claim resubmissions and possible underpayments over time.<\/p>\n<p><strong>There\u2019s also the risk of a disruption in cash flow down the road <\/strong>if you don\u2019t have the right staff in place during the switch to ICD-10.<\/p>\n<p>Remember that efficient billing and collections can mean the difference between profitability and financial losses. So consider all of your options until you find the right solution to run your revenue cycle at peak efficiency.<\/p>\n<p><em>Salvador Lopez contributed to this post. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billing and collections are the lifeblood of a profitable medical practice \u2013 no surprise there. In fact, a Practice Profitability report from CareCloud and QuantiaMD finds\u00a0physicians most often target billing and collections processes to improve operational performance.<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[39],"class_list":["post-11008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-revenue"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4 Secrets to Enriching Your Revenue Cycle Management<\/title>\n<meta name=\"description\" content=\"Learn four important strategies to boost your revenue cycle management (RCM) tips from collecting copays to medical billing and coding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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