Revenue cycle management is a topic that always gets quite a bit of attention due to the impact it has on practice operations. When an organization’s RCM process is weak they can struggle to bring in enough money to support their overhead, rendering them incapable of providing patient care. It’s easy to understand why it’s imperative for medical practices to have their RCM processes optimized, and we’d like to discuss some solutions that help your practice to do just that.
What is revenue cycle management and why is it important?
Revenue cycle management is the process organizations use to manage the various functions related to processing claims, receiving payments, and generating revenue. This process is important because, without revenue, medical organizations would have to cease operations and would therefore be unable to provide patient care.
While many believe that revenue cycle management is simply another term for the billing process, that’s incorrect. Yes, the billing process is a part of RCM, but the revenue cycle starts much earlier, all the way back at scheduling and pre-registration. In fact, collecting accurate information at every step of the patient’s journey is vital for successful revenue cycle management.
4 Solutions to Boost Your RCM Power
With the vital role that RCM plays in practice success, it’s important to utilize the best possible solutions so that the process can run smoothly and efficiently. Here are four of the best solutions for RCM success:
- Practice Management: Utilize a comprehensive practice management solution that features intuitive scheduling, automatic eligibility verification, easy registration, robust billing features, and integrated collection tools.
- Electronic Medical Records: Choose a streamlined EMR that enables providers to efficiently document patient encounters to submit accurate claims without taking focus off of the patient and their care. The EMR should also have robust cross coding initiatives built into the provider’s workflow to aid in appropriate coding between diagnosis codes and procedure codes, along with HCC codes.
- Convenient Payment Options: Patients are becoming responsible for a greater share of their care costs, so it’s important to offer them a convenient way to pay by providing an electronic option. This is crucial to receiving patient responsibility quickly as most people today are used to being able to make their payments online and expect this convenience.
- Data Analysis: For best results, implement a revenue cycle data tool that enables your practice to ensure you’re being paid accurately so that you don’t leave unclaimed funds on the table.
Each of the above solutions will positively impact a practice’s revenue cycle, while all of them together have the potential to be a real game changer. Understanding the important role revenue cycle management plays in a practice’s financial health, MicroMD is determined to offer solutions that empower organizations to see RCM success.
MicroMD Practice Management is a robust solution that helps practices to automate billing processes and revenue cycle management so that you can reimagine how to approach the various challenges your practice faces each day. MicroMD EMR is a simple, customizable, connected electronic medical records software that streamlines the documentation process and integrates with your practice management solution to make the billing process more efficient. MicroMD ePayments, powered by Worldpay from FIS, enhances payment security, makes reconciliation easier, and speeds up the timeline for receiving patient payments by providing the convenience patients expect. Finally, RevOps is an AI-powered revenue cycle data tool that helps to find partially paid claims, track insurer behavior, and identify incorrect denials, empowering practices to find money they’re owed that insurance companies are hoping remain unnoticed.
For more information on any of these solutions, visit micromd.com or call 1-800-624-8832 today.
About the author,
Crystal is a Digital Marketing Specialist at Henry Schein MicroMD. Content creation, social media management, and SEO optimization are just a few of her areas of concentration as she seeks to educate clients and prospects alike about the simple, customizable, and connected solutions we offer at MicroMD.
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