Work with Your Billing Manager to Maximize Your Practice Revenue

Posted by KUNAL JAIN on Nov 10 2015

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RCM or Revenue Cycle Management is a catchphrase in the health industry.  However, few people understand its true scope. RCM is not limited to the “back office tasks”, i.e. processing the claims, filing the documents, and billing the patients. An ideal Revenue Cycle Manager is involved from the moment a patient makes an appointment until his account balance gets nil. [1] 

How can you optimize your Revenue Cycle?

If you want to achieve maximum revenue for the healthcare services you provide, you ought to understand the total revenue cycle. Attaining maximum revenue does not mean you have to overcharge your patients, but rather that you should curtail the costs and efforts associated with the service that you provide. Hence, focusing on the revenue cycle is key to taking proper care of your patients.

Each and every staff member has an impact on the revenue cycle. It is important to determine if they have the skills and training to handle those tasks. Otherwise, they can become a liability. By hiring and training the right people, you can take preventive measures for your practice.

Once you have the right staff, ensuring proper collaboration across the different departments of the clinic can reduce your costs. How can you assess whether your team is working in sync? There are few things that you can evaluate [2];

  1. Conduct a survey of your staff members. Ask how they are supporting each other to maximize your practice revenue. From their feedback, you can determine any need for training and opportunities for improvement.
  2. Determine how much you can automate the billing process and eradicate errors. Decide whether your best move is to manage your billing in-house, or hire a practice manager. Never comprise with a low-cost PM vendor; instead, find one who meets all your requirements and will work tirelessly to maximize your revenue.

What role does the RCM play?

The RCM ensures that patient coverage is determined before appointments by checking for their Eligibility Verification and identifying the copayment. Patients appreciate an accurate estimate of how much they have to pay. The RCM also makes every effort to collect your revenue before you provide healthcare services, avoiding collection costs and high-billings.

Your RCM keeps track of all claims using a mechanized tool to boost payments while reducing your efforts and time spent to process them. These payments are usually collected online, saving time and effort. 

Remember, it is your responsibility to monitor your RCM's performance. With Revenue Cycle Analytics, you can monitor the KPIs or Key Performance Indicators, giving you insight into your practice's financials.

If you are unable to find a good in-house RCM, consider outsourcing these tasks to professional Revenue Cycle Managing companies. A few things that you need to ascertain before you hire a Revenue Cycle Manager are:

  • Your RCM allows you full access to their records; you own all the data. Outsourcing does not mean you lose your control.
  • Your RCM should work collaboratively with your clinic staff and provide you with frequent feedback.
  • Your RECM should consult with you before implementing any process or training your staff.

Don't work hard to achieve less. You can manage your practice and maximize your revenue by engaging a proficient RCM with a preventative mindset. Whether you use your in-house talents or outsource, make sure that your staff all work hand-in-hand. Line up your best team to take care of your patients and keep your practice healthier.

Source

[1] http://library.ahima.org/xpedio/groups/public/documents/ahima/bok1_035391.hcsp?dDocName=bok1_035391

[2] http://www.ncbi.nlm.nih.gov/books/NBK64068/

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Practice Forces provides medical billing outsourcing services for clients around the country and has been partnering with physicians & practices to provide revenue cycle management, across all medical specialties. Call us today for a FREE consultation at 866-634-6327  or, simply email us at sales@practiceforces.com.

Topics: Medical Billing, medical billing outsourcing, Revenue Cycle Management, outsourcing, RCM

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