3 Key Strategies to Improve your Revenue Cycle Management for Patient Responsibilities

With patient deductibles and copays being higher than ever it is important that providers have efficient and effective systems for collecting what is due. There are many different elements involved with patient care and the billing of patient care. It is like a machine with a lot of moving parts. If one part isn’t moving properly it can mess up the entire system. Here are three key strategies to help improve an office’s efficiency and effectiveness of collecting the patient responsibility for their services.

1. Automate – Believe it or not there are still providers out there who do a lot of their revenue cycle management by paper. With the technology we have today that is hard to believe but we are in offices all of the time and we are still seeing providers with paper systems. One of our offices doesn’t have internet connection on their front office computer and the PM system is from 2004. It is near impossible to have an efficient and effective paper system. It may be effective but it won’t be efficient. You don’t have to break the bank to automate. There are many affordable options out there. Revenue cycle automation can significantly reduce the administrative burden on an office.

2. Improve Front-end Processes – Errors on the front end cause a ton of work on the back end. There are a lot of things that can be done on the front end to prevent errors that will save a lot of work on the back end. It is estimated that approximately 90% of claim denials are preventable. Most of these denials could be prevented with good front end processes in place since missing or incorrect patient data is one of the main denial reasons. Making sure the patient’s data is accurate when collected is one huge way to prevent denials. Claims that are denied often go unpaid which prevents the provider from not only collecting anything due from the insurance carrier but also from the patient. Automating patient registration, benefit verification and prior authorizations can greatly improve accuracy of claims.
3. Improve the patient billing process – Many offices do not even send regular patient statements. Patient statements should be sent at least once a month. Technology today can allow an office to send patient statements by email which can cut down on costs tremendously. It cuts out printing costs, postage costs, and supplies such as paper and envelopes. It also saves on time in stuffing the envelopes. There are also services out there that can receive patient bills in a file and they print and mail them. Usually their cost is less than it costs an office to mail the statements and they provide a lot of options such as statement layout and customization.

With the patient responsibilities becoming larger and larger it is crucial that providers are able to collect on those amounts due. Implementing procedures and systems to make the process more efficient will help cut down on amounts becoming uncollectable and will improve the provider’s overall revenue management cycle. Technology can help to bring the revenue cycle up to speed in an evolving industry.

 

 

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