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Revenue cycle management is a medical practice's most critical goal. The correct management of income and revenue will make sure that payment is received for services rendered. Ensuring the success of income cycles also ensures that the practice can keep focused on the top priority of helping patients. However, it's about more than only getting paid; it's about getting paid in a timely manner. There are three simple steps to follow to make this happen without much hassle.
The primary step in revenue cycle management is collecting information. Some managers think that gathering important insurance information over the phone is a waste of time. The investment of time for getting insurance data pays off in the end with quicker insurance payments and really saves the practice time as well. This permits the office to verify the information before the patient even shows up. When a patient's data isn't verified before hand, it can cause a backlog on the day of the appointment. This makes it clear that the primary focus ought to be on data collection.
Then it's important to put aside the time to check the patient's eligibility before the appointment date. This will stop many claim denials which happen just because the treatment isn't covered by the patient's insurance plan. Statistics prove that the first-pass denials are usually around 7 percent and of that 7 percent almost two-thirds are just denied because the patient was eligible. When a little effort ahead of time will keep patients from receiving unauthorized treatments, it will significantly improve the revenue for the practice.
Another important step is working to start a web based electronic medical records software. A little investment in this kind of program can ensure that data collected is stored safely and securely. An additional benefit is that at any time all medical records can be pulled up as well as contact and insurance information on any patient. This can make sure that should a claim be denied it can immediately be re-submitted for payment with the correct information.
All parties in a medical practice benefit when the practice uses good methodologies to make sure payments are timely and accurate. With a good plan, patients benefit most since they need not worry about insurance claims. The other benefit goes to the business that gets payments for the services and can keep operating. By following the three steps here, practices can get paid and lessen the hassles that insurance denials can cause.
The primary step in revenue cycle management is collecting information. Some managers think that gathering important insurance information over the phone is a waste of time. The investment of time for getting insurance data pays off in the end with quicker insurance payments and really saves the practice time as well. This permits the office to verify the information before the patient even shows up. When a patient's data isn't verified before hand, it can cause a backlog on the day of the appointment. This makes it clear that the primary focus ought to be on data collection.
Then it's important to put aside the time to check the patient's eligibility before the appointment date. This will stop many claim denials which happen just because the treatment isn't covered by the patient's insurance plan. Statistics prove that the first-pass denials are usually around 7 percent and of that 7 percent almost two-thirds are just denied because the patient was eligible. When a little effort ahead of time will keep patients from receiving unauthorized treatments, it will significantly improve the revenue for the practice.
Another important step is working to start a web based electronic medical records software. A little investment in this kind of program can ensure that data collected is stored safely and securely. An additional benefit is that at any time all medical records can be pulled up as well as contact and insurance information on any patient. This can make sure that should a claim be denied it can immediately be re-submitted for payment with the correct information.
All parties in a medical practice benefit when the practice uses good methodologies to make sure payments are timely and accurate. With a good plan, patients benefit most since they need not worry about insurance claims. The other benefit goes to the business that gets payments for the services and can keep operating. By following the three steps here, practices can get paid and lessen the hassles that insurance denials can cause.
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