Home » 3 Revenue Cycle Issues You Can’t Ignore in Medical Practices
Many persistent medical billing and revenue cycle issues are detrimental to a medical practice’s bottom line. Most in-house billing staff simply reacts to problems instead of proactively preventing them. However, if your billing staff’s focus is on fighting urgent issues, they may be unable to identify the source of these issues. This would prevent building an efficient revenue cycle management system. Let’s take a look at revenue cycle issues you can’t ignore.
From processing the first time claims to denial management and patient collections, the entire revenue cycle should work in a streamlined manner.
It is critical that patients be educated about the details of their specific insurance plan. All patients may not know exactly what their insurance actually covers.
The growth of high-deductible plans also makes it necessary that patients should understand their financial responsibility. If this education is imparted early, patients are likely to have a better overall experience. Better informed patients will trust you more, contributing to a better doctor-patient relationship.
Denied claims are a huge problem for most in-house billing departments. Denial management includes efforts to reduce denial rates as well as following up on denials, resubmitting them and getting them paid. It is one of the revenue cycle issues you can’t ignore.
The fastest way to reduce denials is to have clear and open lines of communication within the practice. You need to organize workflow in a manner that helps to prevent denials and manage them if they occur. Billing staff needs to be trained to minimize errors so that denials can be reduced.
Your revenue depends, to a large extent, on the quality of your medical billing department staff. Hiring and training top-performing medical billers and coders should be taken seriously at any medical practice. However, this is one of the biggest challenges for many practices. In addition, you need a great front office and/or administrative staff who understand the importance of patient focus and flawless billing and coding. In order to be able to do this, the medical office staff needs continuous training and coaching.
It can be extremely challenging to be able to hire and train the right people, consistently update technology and infrastructure and dedicate a large part of your time and energy to medical billing and coding. Yet medical billing is one of the biggest factors that can make or break your bottom line. This is why most medical practices have now outsourced their medical billing and coding to professional medical billing companies. These companies have the required software, staff, and other facilities to fulfill your requirements. And these are the revenue cycle issues you can’t ignore
To learn more or to take advantage of one of the top specialty medical billing companies, call Emerald Health LLC in Massachusetts at 855-650-9906 Today.