With the entire world struggling hard to brave the coronavirus pandemic, the economic slump is creating an adverse effect on business, individuals, and most essentially healthcare. Based on the findings of the American Hospital Association (AHA), the nation’s health systems and hospitals might end up losing $120.5 billion amid the pandemic.
Though vaccination drives did start, new hotspot outbreaks surfacing often, the epidemic is here to stay for some time. That is why hospitals and finance divisions need the assistance of revenue cycle management companies for more stability and effective cash flow.
Here are five ways to boost revenue cycle management (RCM) in medical billing:
1. Speed up your coding
When you have up-to-the-minute medical coding observance technology in place, you can detect and rectify processes resulting in denial claims before the same goes to payers. Powerful coding methods, as well as contract-compliance automation systems, will let healthcare facilities overtake coding as well as medical requirement denials. New technology and systems also assist coders, financial experts, and service providers submit flawless claims the very first time, thus minimizing claim denials.
2. Invest in your employees
Did you know that your front office employees are a critical asset when it comes to the RCM process? You need to hire experienced people and provide training to them to capture the correct information and offer patients a clear picture of their financial responsibilities as well as payment choices if required. With increased upfront visibility, your patient engagement will improve as well as the chances of claims payments and bills.
3. Discover new, innovative solutions that suit your requirements
Modern technology-based choices will benefit the RCM process. When it comes to payment variance reporting solutions, they can detect underpayment as well as excess payment trends for evaluation with wide-reaching and sustainable results.
Though chargemaster assessment, concurrent charge integrity, as well as management tools are not so extensively used, these tools are extremely effective to improve revenues. As far as robotic process automation is concerned, it allows a healthcare unit to use a bot, which is a software application meant for a precise reason to do tiring, repetitive tasks. These tasks are code evaluation, prior authorization, and even checking the claim status. All these jobs are done at an amazing speed compared to manual work and with no mistakes or variations.
4. Analyze denied claims fast
Denials and rejections do differ. Rejections are usually a lost cause save an account is appealed or reworked, denials provide you with some kind of hope. The payer might just require authorization, more info, or updated coding. When you address a denied claim within a day of receipt, it increases the possibility of the claim is finally paid.
5. Outsource RCM
When you outsource RCM, it would help healthcare facilities gain control over revenues and simplify their business processes, thus bringing hospitals closer to patients. Organizations with expertise in RCM could use their skills in automation, data analytics, as well as artificial intelligence to automate and boost a healthcare unit’s RCM processes.
Final words Improve your RCM process in these troubled times to improve your earnings, profitability, and minimize claim denials. Use these ideas to implement an enhanced way of collecting revenue.