How to Effectively Boost Your Practice’s Revenue Cycle Management
While you might love being a physical therapist, you may not be so enthused about the medical billing aspect of the job. Specifically, it could be revenue cycle management that’s giving you and your staff fits. You and all other physical therapy offices are in luck, because Rev-Ignition is here to offer you tips on improving your cycle management alongside our regular medical billing outsourcing services.
Measure Twice, Bill Once
One of the first things we recommend you do is tend to your internal workflow to better prevent unnecessary mistakes. For instance, we suggest that you remain up-to-date on the latest procedure requirements and updates on the insurance end of the spectrum. That way, you’ll know when you need to seek pre-approval from insurance carriers. In our medical billing consulting services, we make sure our clients understand the importance of not overworking their support staff so that they’re unable to prioritize as they should.
Additionally, you’ll want to put the data you have about your RCM to good use. This means digging deeper into all information and figures you have access to so you know for a fact what’s really going on with your finances. That way, you’re able to make better-informed decisions about the future of your practice.
Dissolve the Barriers Between Front-End and Back-End RCM
It’s likely that your front-end staff handles such matters as insurance confirmation, gathering patient data and registering patients while your back-end staff manages denials, medical billing and claims management. Rather than seeing both ends as two halves of a whole, it’s better to see them as a connected process geared towards full healthcare payments.
What we mean by this is that it’s a good idea to familiarize your front-end staff with back-end processes and vice-versa. This insight allows your team to better anticipate issues that might arise and make everyone’s job easier.
Give Coding the Attention It Needs and Deserves
When it comes to coding for RCM, do yourself and your practice a huge favor and respond to questions about documentation as quickly as possible. This is because you want to ensure proper reimbursement that’s neither delayed nor diminished. While you might specialize in the medical aspect of your practice, we recommend you learn at least the fundamentals of RCM.
Tend to Patient Financial Responsibility First
Data shows that more and more patients are failing to pay their medical bills in full, mainly due to the rise of high-deductible insurance plans. Not only does this mean you might only receive partial payments, but you’re also likely to spend resources trying to collect outstanding payments. You can combat this by giving your patients an estimate of how much their services will cost either at or before the point-of-service. We understand that offering such estimates can sometimes be difficult, but know that there’s software available that can help you offer more accurate numbers. Finally, consider implementing a credit-card-on-file service.
These are just a few tips for ways you can improve your practice’s RCM. For even more recommendations, or if you and your practice are in need of exemplary medical billing outsourcing services, know that Rev-Ignition is here to help in anyway we can. Whenever you’re ready, feel free to call us at 1-844-297-9944. You can also fill out and submit a Contact Us form here on our online form.