Whether your environment is for profit, not-for-profit, medical practice, clinic, etc. you are impacted by the efficiency of your revenue cycle management. Most simply stated, revenue cycle management means taking steps to ensure that you are able to bill for the services you provide, and get paid timely for the services you bill. The revenue cycle begins with the very first call a patient/consumer/client/person (patient) you serve makes to your office/clinic/agency and it ends when that same patient’s bill is paid in full. Every step along the way in this revenue cycle is crucial, but there are common practices among healthcare providers that are preventing your efforts from turning into cash:
Patient access and utilization
Patient satisfaction depends on a patient’s perception of the provider starting with the first touch-point. Problems during the intake process, scheduling, insurance verification and authorization can all lead to patient dissatisfaction, billing delays, excessive billing denials and constant rework – all of which can result in lost revenue. Most of the information necessary to generate an insurance claim is obtained during this first stage of the revenue cycle, and it is during this stage where most errors occur. Improvements to this stage of the revenue cycle should focus on these key processes and developing controls to insure accurate information is obtained prior to patient care to ensure most timely billing and collection.
revenue cycle management,