Revenue Cycle Management is of the utmost importance when it comes to enhancing profitability and ensuring success at care practices. Many providers wonder why their earnings are not protected the way they should be. What they don’t realize is how easily that can be done with a few simple steps.
What is the actual process?
The process of Revenue Cycle Management actually starts when you sign a contract with a payer. It is best to get started with general questions you might have such as contract terms and offered rates of reimbursement.
After the required numbers are obtained, confirm the reimbursement by looking at your payments. This data is available from your clearinghouse.
The next step is to extract data which shows the administrative burden posed by your insurance provider or payer. There are revealing indicators for this such as the percentage of services the insurance company requires to be authorized on a prior basis.
Get the percentages received from each payer balanced against a scenario where you are out of network [not contracted with any payer]. It is essential to meet the payer representatives and prepare a presentation showing or elaborating the quality of care you provide so that the payer is aware of your worthiness.
Collect more at lower cost through our best practices. Getting the highest revenue at your practice is best accomplished by following important proven operational principles. It is because of this reason, we have created a new white paper ‘’6 Steps to Improving Revenue Cycle Management’’.
Learn how to speed up the revenue cycle process, avoid missed collections and receive payments at the right time by reading our latest white paper.
The white paper is free for download. Just complete the form below to receive our free copy!