In part one of this blog post, we covered two best practices for finding a revenue cycle management system that not only “manages” your clinic billing and collections but optimizes it to increase total revenue and improve your bottom line. Here are a few more ways you can optimize your RCM to bring in more … Continued
You’ve probably heard people say that the definition of insanity is doing the same thing over and over again and expecting different results. That’s not actually the definition — Merriam Webster defines insanity as “extreme folly or unreasonableness; something utterly foolish or unreasonable” — but the point is well taken that doing something that hasn’t … Continued
Historically, most practices were geared toward government and commercial payers for the majority of their collections. However, the shift to greater patient financial responsibility has increased the resources needed in order to collect the money owed to you. Research indicates that many patients prefer to go paperless (eStatements/ePayments) when it comes to their healthcare bills. … Continued
If you look around online you will find a lot of information about how to manage the revenue cycle in your medical practice. While revenue cycle management is definitely important, and a foundational part of running a successful clinic, we think you should set your sights a little bit higher in trying to optimize revenue … Continued
Revenue cycle management might be one of the most commonly overlooked, yet most critical parts, of a successful practice. For many providers, though, running a business isn’t exactly why you got into medicine in the first place and it’s certainly not something that they covered in-depth during medical school. Even with a highly trained office … Continued
In part one of this blog post we covered two important things you might be missing in your revenue cycle management. Here are two additional things to be aware of that could be causing you to lose out on revenue for your medical practice. 3: Assuming that revenue cycle management is done once you send … Continued
There are few things in medicine as important as the revenue cycle, but this is also one of the most overlooked aspects of many small and independent clinics. Physicians are often focused on providing great care—which is certainly important too—leaving revenue cycle to an office manager or staff member, or simply ignoring it and hoping … Continued
Efficient and effective revenue cycle management (RCM) is the key to a profitable medical practice. Unfortunately, while many physicians are exceptional at providing care for patients—evaluating symptoms, diagnosing problems, and finding appropriate treatments—not everyone is good at RCM. As the owner of small or independent practice, you have to be both a great provider and … Continued
Learn why outsourcing might be much less expensive than you think. At some point in the quest for optimization, nearly every independent medical practice grapples with the dilemma of in-house billing vs. outsourcing to a billing company. To help, we created a powerhouse eBook to address the obvious question: pay staff or the outside biller. … Continued
High performing practices should be processing claims around 28 days from date-of-service. The higher your days in A/R, the less revenue you could be capturing. This eGuide is our ultimate buyer’s guide to help you better understand the pros and cons of your options and get clearer direction on which RCM method is best for … Continued
Patient encounters are the lifeblood of any practice, but there’s another side of every patient encounter that is equally impactful and may not get as much attention—the revenue cycle management that allows you to collect payment after each patient appointment. Medicine, unlike many other industries, has a complex web of payment processes, and if not … Continued
Provider credentialing isn’t a topic discussed often in healthcare revenue cycle management. However, more organizations are recognizing credentialing as an essential part of the revenue cycle. Without it, practices and clinics cannot legally bill patients for services or collect revenue. Further, failing to properly credential even one provider can put your organization at serious risk … Continued