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Medical Practice Tips to Manage Revenue Cycle .pdf


Original filename: Medical Practice Tips to Manage Revenue Cycle.pdf
Author: Om Net Soultion

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Medical Practice Tips to Manage Revenue Cycle
The ever changing policies and reforms in today’s
healthcare scenario are forcing medical practices to
change the way they manage their revenue
cycle. Revenue cycle management is all about generating
the maximum amount of net revenue. With the
recent 5010 transition & ICD-10 switch, growing patient
responsibility for payments & declining Medicare
reimbursements, healthcare providers are facing a big
challenge about getting paid for their services and care.
Issues of claims denial, coding compliances, automation
hiccups, and staff shortage are all adding to the healthcare
provider’s woes. Clinicians need to establish systems,
coupled with the right strategies and approaches, to ensure that they are managing their revenue
cycle efficiently.
Take a look at some of these tips to help maximize your revenue cycle, receive timely and
accurate reimbursements, efficiently scrub claims and increase your net revenue.
Revenue Cycle Compliance
Recent changes in coding, documenting and billing has made it even more imperative that
physicians pay attention to revenue cycle compliance and make the necessary changes required
for the same. Just because something was done in a certain way till date, does not mean that the
change is bad or can be ignored. It is important to ensure that your practitioners are working
accordingly and there is an understanding and clarity between your revenue team and your
billing professionals. The government with its new norms is examining the issues of billing and
payments and it makes sense to ensure that your medical coding, documentation and billing are
accurate.
Move out of Maintenance Mode
Status quo is a comfortable position to be in for most people. However, it is time to move
beyond the concept of maintaining your revenue cycle to making it more effective and
profitable. It is important to let your team know and understand how to get more efficient by
reducing cycle time and billing errors. Improving the current levels of performance and cutting
costs will result in maximizing your net profit. Put checks in place to reduce denials,
underpayments and bad debts. Ensure that follow ups are regular and analyze unpaid bills –
there may be a pattern to the bad debts.

Use Technology to Reduce Errors
Memory based tasks can lead to errors, proving costly to the healthcare facility. Automation of
the accounts receivable system eliminates memory or human error. Technology in healthcare
has taken rapid strides in the last few years. Providers who have integrated revenue cycle
management technology have significantly improved their ability to collect higher number of
payments and in a timely manner. Medical Practices that have successfully adopted technology
in their revenue cycle management systems have outperformed their peers from a cost and
revenue perspective. Successful technology adapters also find it easier to collect outstanding
receivables.
Regular Staff Training is a Must
The constantly evolving healthcare landscape makes it imperative that your staff is trained
regularly to ensure that they are in tune with the latest changes. It is also of paramount
importance that the expertise level of a staff or physician aligns with your revenue cycle goals.
Healthcare providers are reimbursed on a transactional basis. Their expertise is in patient care
and not proper medical coding, medical billing or patient collections. However, it is important
that they understand and focus on Meaningful Use, EHR adoption, PQRS, ICD-10 codeassist
services, etc from both the clinical and regulatory perspective. Training and educating your staff
and clinicians on the different aspects of the revenue cycle will definitely prove beneficial
financially. Cross training your best staff members is also a good option, as this creates
members who can do multiple tasks in an emergency.


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