Tables of Content
1. Four Revenue Cycle Management Best Practices
Prioritise your patients' needs and preferences.
Don't keep your patients in the dark about payments. Maintaining an open, conversational patient/provider connection is critical for long-term success and loyalty. Give patients detailed descriptions of what to expect from invoices and payment choices. Patients will feel more in charge of their care strategy and financial accountability if they are not shocked by a medical bill.
Collect Payment Information Right Away
Instead of bringing up payment options after a patient has already had their session, collect payment information while arranging the appointment. This information could include insurance information or credit card information to keep on file for treatments not covered by the insurance policy..
Claim Authorization Should Be Automated
Use an automated system to ease the claim authorization process in addition to gathering payment information upfront. This saves your team time when submitting individual claims, and patients will know whether or not a service is covered as soon as feasible.
Control Denials
The insurance company will not approve all claims. Common claim issues are missing information, improper coding, late submission, eligibility concerns, and duplicate claims. Most of these errors can be readily prevented by creating a streamlined claims procedure and paying attention to detail first. Track claim denials to see if there are any recurring errors or patterns, and work with your team to resolve these issues before submitting
2. How to Make Your Clinical Workflow More Telehealth-Friendly
Pre-Appointment:Gather critical information about your patient before the appointment, just like you would for an in-office visit. Consider emailing patients' papers digitally to complete before their appointment, and set aside time to review their past charts. Furthermore, examine your video call interface to confirm that the camera and microphone are operating properly.
For the Appointment:Before you begin the video chat, make sure you have a peaceful and private place to sit for the appointment. During the session, it may be useful to have the patient's records pulled up on a different screen so you can examine their information while video conferencing. It's also critical to make an extra effort to engage with your patients because video chats can be unpleasant or intimidating - you want your patient to feel as comfortable as possible.
Post-Appointment:Keep a record of any critical information you gathered during the appointment for future reference, and send follow-up reminders if your patient needs to see you again soon. Determine the appropriate method for billing your patients or their insurance providers for virtual appointments and deliver bills as soon as possible.
3. Patient Preference in RCM
In the medical industry, patient preferences in revenue cycle management (RCM) revolve around pricing transparency, accessible payment alternatives, clear communication, a personalised approach, and access to financial support. Patients expect to know the upfront cost of their medical treatments, a variety of payment alternatives, accurate and timely information about their medical bills, individualised attention, and access to financial aid programmes. Medical practices can increase patient happiness, reduce delinquent bills, and foster patient loyalty and confidence by taking patient preferences into account.
5. Conclusion
Medical practises benefit greatly from Revenue Cycle Management (RCM). First and foremost, it contributes to the practice's financial health by assuring timely and accurate invoicing, lowering denied claims, and enhancing collections. RCM also improves patient satisfaction by ensuring cost transparency, accessible payment options, and clear communication. RCM assists medical practises in improving their profitability and sustainability by optimising revenue and minimising expenditures. It also ensures that healthcare regulations are followed, lowering the chance of fines and legal complications. RCM also offers valuable data analysis, which can assist medical practises in making informed decisions regarding their operations and financial plans. Overall, RCM is an important component of successful medical practises, and its implementation can contribute to the healthcare industry's growth and success.
Our Services
Medical care is impossible to provide without an effective and result-oriented Revenue Cycle Management or RCM. MedReck BPM specialises in RCM services, offering end-to-end medical solutions to maximise revenue and profits. Administrative difficulties in medical institutions such as hospitals, clinics, or diseases can be stressful for existing employees, resulting in a decrease in earnings. Many errors can occur in the maze of medical formalities, such as incorrect patient information upon registration, failure to follow proper medical documentation, or mismatches in IDs - such issues can be costly when insurance claims are denied. As a result, it is critical to have an RCM service that serves patients from the time they register until they are released.
Our highly qualified employees, auditors, and coders ensure that every dollar is earned success through rigorous processes, understanding of current standards, staying current with ever-changing medical trends, and the use of information technology to minimise errors. We hope to reach high levels of automation through the use of software, which can handle tasks ranging from patient registration to the study of insurance denials and ARs.
We Specialise in:
Obtaining the highest level of clean claim criteria possible
Working with the industry's best medical coders and auditors
Obtaining the most precise billing and medical coding
Continuously increasing profit margins and revenue through quality evaluation
Obtaining reports that are jam-packed with accurate financial and productivity data
Maintaining the security and privacy of your company's data
Follow-up on insurance claims and account receivables on a cyclical basis