Expert Tips To Improve Your RCM Process
With the ever-changing medical procedures and technological development, revenue cycle management serves to be the backbone of the healthcare industry with continuous improvement.
The evolving changes in the revenue cycle management process require healthcare providers, medical staff, medical billers, and coders to be up to date with the RCM to improve clinical workflow and boost practice revenue.
RCM process is not just about submitting claims, an efficient revenue cycle management service cycle includes step by step process of scheduling, Patient registration, Insurance Eligibility, Patient Demographics, Coding and Billing, Charge Entry, Claims submission, Payment Posting, AR follow up and Denial Management. Here is how you can improve your RCM process.
8 Tips to Improve Your RCM Process
1. Implement Automated Workflows To Boost Your Revenue
Eligibility verification and claim processing are the most important steps in the RCM process, by spending more time on these works won’t allow you to spend time for treating more patients, working on low-value claims, and more.
Automated workflows - A faster & more accurate way of managing your revenue cycle. Implementing automated workflows significantly increases your valuable time while the effectiveness of your revenue cycle management automatically improves.
Instead of working on the claim status one by one or simply waiting on standard mail to get a response from payers, you can access the data your revenue cycle needs with just a few clicks. You’d be able to access patient medical records and find out the medical errors much easier.
2. Patient Preferences Also Matters In The RCM Process
Automating RCM not only depends on healthcare providers alone. You can also improve the RCM process by making it easier for patients to submit payments by providing them advanced features such as online payments. Of course, everyone will be familiar with the online payment methods, people buy groceries pay home bills online. So giving them an option to pay for their healthcare needs online improves the patient experience.
3. Remain Up-To-Date With The Industry Changes
As technology is growing day by day, the healthcare needs of the patient also increase in the healthcare industry. They wish to have more advanced quality care in a fast manner. You need to consider how selective patients are and provide the attention and availability they want as well as the advanced services they need.
4. A dedicated Care Coordinator Is Important For Your RCM
Care coordinators can also organize health and wellness clinics that exist outside of the day to day appointments and procedures, and which do optimize the quality of care patients receive. Billing, coding, and collecting will no longer be the only force by which revenue cycles churn. Care coordinators can play an important role in making sure health systems and providers recognize care quality goals and formulate programs that ensure the highest payouts, and which also boost patient loyalty and health outcomes.
5. Take care Of Lost Payments Too In Your RCM Process
In your RCM cycle, you should be collecting the full payment that every patient/payer owes. At times, this may come down to re-submitting claims and following up with patients more than once. Some payments simply have to be tracked down. Still, it’s worth spending the time to get what you’ve billed for rather than letting these amounts slip through the cracks. They can either add up as lost costs or as assets – it just depends on how well you stay on top of what’s owed to you.
6. Use The Best Software Solutions To Streamline RCM
The best revenue cycle management software and online patient portals are a must for streamlining patient communication and payments. Cloud-based RCM software like Vozo offers medical providers the unique ability to aggregate claims filing, invoicing and payment transactions, appointment scheduling
With perfect claims submission and management, auto-eligibility checks, and integrated clearinghouse VOZO medical billing software enables you to get paid quickly and accurately. It also offers HIPAA-compliant systems, patient invoicing and billing, real-time analytics, and more advanced billing features.
Vozo Patient portals allow patients to request appointments, access health records, lab results, request refills, communicate with physicians via a secure messaging system, and even pay bills online also empower patients to take a larger role in their health and wellness. Interactive and advanced online tools give full access to their medical records which automatically increases your workflow productivity.
7. Collect Payments Upfront
Start collecting payments before you render services. This will cause a major shift in how much money is sitting in accounts receivable for an indefinite period versus what can be counted as revenue. Even if you choose to only collect a partial payment, that’s an improvement.
8. Measure Your Results
Successful revenue cycle management relies on measuring key rates and statistics and setting regular goals to measure the efficacy of workflow changes and updates to existing protocols. Progressive measuring of key metrics and benchmarks can also highlight recurring discrepancies when it comes to claims filing, denials, and billing. The other key metrics to monitor include the reason why your patients miss appointments when they are reminded via phone or text, the reason for denied claims, and the average number of days it takes patients to settle a bill.
VOZO delivers patient-focused revenue cycle management (RCM) solutions that help hospitals in increasing cash flow by managing denied claims and improving patient satisfaction. Our comprehensive and flexible healthcare revenue cycle management services are designed in a way to meet the specific needs of your hospital and community. With our RCM solutions, you can increase your clean claims submission rate and speed up cash collections simply by managing electronic claims effectively