Business hours: 9:00 to 5:00 | Monday to Friday

healthcare revenue cycle process

Claim denials and delayed reimbursements are major pain points for healthcare practices. Losing potential revenue in the form of claim denials causes problems for medical practices. In addition, it is a common notion that 20 to 25% of the denied claims are never reimbursed, and it causes problems of revenue losses to the healthcare business. Monitoring the Revenue Cycle Process closely can help practices to find out the reasons for claim denials. As a result, practices can generate large revenues and deliver quality care to patients. 

Let’s dig deep into how to effectively improve the Revenue Cycle and how Physicians Revenue Group Inc. can assist you in boosting practice growth.

1) Why Practices Face Claim Denials?

The MGMA stats show that 63% of healthcare leaders report that their claim denials have increased in 2021. Also, denials have increased by 17% on average in 2021. In addition, there are many reasons why claims are denied, but the major reasons can be the following:

2) Is Your Revenue Cycle Process Effective? How to Examine?

To analyze your practice performance, a comprehensive Revenue Cycle Analysis can assist in avoiding claim denials. Also, practice profitability significantly increases when you reduce claim denials. As a result, it improves the bottom line of your practice. Now, let’s look into some constituents of the Revenue Cycle Process, helping you determine the practice performance.

2) Is Your Revenue Cycle Process Effective? How to Examine?

To understand your Revenue Cycle, you must know the performance metrics. Whether it is account receivables management or the industry best practices, you should know about it. Once you know these metrics, you can focus on areas that need improvement. Consequently, it increases your practice productivity and achieves seamless workflows.

4) On-going Revenue Cycle Process

The crucial aspect of making your practice profitable is to analyze the current Revenue Cycle of your practice. Understanding your current Financial Cycle thoroughly helps you identify problems and find opportunities for practice enhancement. In addition, carefully observing the financial cycle from beginning to the end helps you Improve Your Practice profitability.

5) Investing in Technology

Integrating technology can solve many problems for your practice. Also, it can enhance the workflow of your practice and provide a smooth working experience. Thus, you should invest in the technology and learn how it reduces administrative burden and Increases Practice Revenue. Moreover, discussing with your team can ease the process. 

5) Investing in Technology

Examining the Revenue Cycle can substantially decrease the number of claim denials for your practice. In addition, it enables an efficient workflow, reducing the administrative burden. Physicians Revenue Group Inc. offers Revenue Cycle Management Services to medical practices of all sizes to help them avoid claim rejections. Other than that, practices can optimize operational efficiency with our experts. We are always here to collaborate with anyone facing problems in the form of Claim Denials.

With an effective strategy, your practice can get reimbursements on time and reduce claim denials. As a result, you are able to stand out in the competitive healthcare industry. Further, the modern healthcare ecosystem focuses on providing quality care to patients. Thus, let us optimize the Revenue Cycle Process of your practice to make your healthcare business stand out. Reach our experts for further consultation.