6 TIPS TO IMPROVE THE REVENUE CYCLE MANAGEMENT FOR YOUR PRACTICE

Healthcare providers remain occupied with their immense job responsibilities and ignore the most crucial aspect of their medical practice: quick account receivables. Revenue cycle management improves your healthcare financial system by adding stability and increasing workflow efficiency. Spontaneous cash flow is the first thing overlooked with the voluminous increase in disease occurrences. Instead of wasting time to find someone who can upheave your revenue cycle, we quickly resolve your issues through the expertise of our specialized cash flow managers and medical billers.

Top Practices To Ensure A Healthy Revenue Management Cycle

Revenue cycle management (RCM) covers everything starting from provider credentialing to monthly reporting. It is important for all medical providers because it optimizes the workflow for increased reimbursements. Outsourcing RCM helps with streamlining claim submissions, continuous A/R follow-ups, and quality assurance that makes your practice productive and efficient. With the help of our trained specialists, you can minimize claim errors, and denials through our standard revenue collection process.

1. Proactive financial clearance

A doctor may need to see thousands of patients every day. Outsourcing your revenue management services is easy with Physicians Revenue Group, Inc., as we give preference to your existing financial status and ensure a smooth workflow. It includes verification and maintenance of patients’ information before they arrive for their appointment. Also, it notifies patients about their available balance after performing a pre-authorization run of their insurance plan and checking their eligibility to acquire a special level of healthcare.

2. Streamline patient’s check-in & out

Revenue cycle management helps the provider staff to stay informed about every patient’s insurance history. It also allows providers to keep abreast of the total number of visits, total revenue received, and the pending amount. We provide a team of qualified revenue managers who never let your revenue lag due to patient discrepancies.

3. Charge capture and entry

No provider dreams of the forcible capture of their account receivables. Revenue cycle management aims to schedule and audit patient fees. It also helps providers manage a better cash flow by incorporating an e-charge capture process that involves a thorough assessment of patient documents and the leftover amount clearance.

4. Proper claim management

In claim submission, the thing that matters the most is to perform a close analysis of every claim based on the insurance carrier’s claim format requirements. Revenue cycle management brings ease for providers by running multi-tier claim checks and traceable claim submissions. By acquiring the RCM services, you can incorporate easy rebilling, claims for processing, and quickly locate the delays of the billing process.

5. Effective denial management

Less number of claims denied, will ensure higher revenue generation. RCM maximizes the care provided to every claim irrespective of their condition, whether past or recent, & denied or refused. The full RCM highlights your claim denial rate and its common causes. This helps providers to minimize frequent Claim Denials and resubmit the denied claims.

5. Seamless payor management

Everything that comes in direct contact with the insurance carriers is part of payor management. RCM helps providers pay close attention to details like contact details of carriers, providers, fee schedules, contract dates, and the documents provided in support of claims as part of deep carrier analysis.

Optimize Revenue Growth With Outsourced Revenue Cycle Management Services

When looking out for someone who can proficiently fulfill all the responsibilities related to RCM, Physicians Revenue Group, Inc. provides what others don’t. From provider credentialing to claim submission, and denial management, we serve what you want. We boost your medical practice with increased revenue growth through RCM by following these best practices:

Access your Practice Improvement

To assess the success of your revenue collection process, healthcare institutions must keep track of the amount they owe. The full revenue cycle can be frequently monitored and compared to the previous results to see how well it operates.

Stay Informed

As medical billing regulations are continually changing, updating software and providing personnel with ongoing training and education is necessary. RCM helps you to remain abreast of adjustments that might impact the billing procedures and seek training if necessary. This will be less expensive in the long run than continuously resubmitting claims.

Identification of Problem Accounts

Data will become available to help identify possible difficulties once clear procedures are established for handling patient accounts. To more effectively target patients for extra reminders and get the billing staff ready to outsource collections, implement methods of tracking problematic behaviors like late payments, persistently denied payments, or frequent changes in contact information.

Conclusion:

Revenue cycle management keeps the cash flow in a uniform stream. Physicians Revenue Group, Inc. wants the providers to feel relaxed about the patient’s ability to withstand the dues of the medical service acquired.

With RCM, providers experience improvement in their healthcare practice, including fundamental credentialing and a monthly review of KPIs in the form of e-reports. This will keep the revenue in the loop and let providers focus more on advancing patient care. Providers can see improvement in healthcare process optimization, revenue generation, and operational efficiency through Revenue Cycle Management.

With our expert healthcare finance professionals, you will get the best solutions to all your worries, like inefficient claim submission, persistent denials, and financial instability. We at Physicians Revenue Group, Inc. cover every aspect of RCM, so leave your worries to us and stay confident about the rest.