5 Steps to Enhance Medical Billing Revenue Cycle

Medical practices find it challenging to run the billing and coding operations smoothly. In addition, the complexities of the medical billing revenue cycle may add burden on the practice staff. So, medical practices need to have a seamless RCM process that ensure timely payments. To do so, it is essential to avoid claim denials and maintain consistent cash flow. However, unplanned occurrence may lead to frustration at times. With an error-free revenue cycle management process, healthcare providers can stay away from delayed reimbursements and improve the financial health of their practice.

There are certain steps that you should take to maintain an effective medical billing process. Since financial stability is the ultimate goal for every medical practice, these steps can save you from losing money. Also, the modern healthcare industry is ever-changing. So, there is a dire need to abide by the rules and regulations to avoid penalties. Therefore, healthcare practices can improve financial and clinical outcomes by following these key steps.

1. Seamless Patient Appointment
Scheduling patient appointment is the first step of the revenue cycle process. Keeping this process simple and easy help medical practices to attract more patients. Likewise, automating the patient appointment process can help you schedule appointments easily. As a result, patients find it easy to book appointments and it increases the authority and authenticity of a medical practice. In addition, you need demographics, insurance policy details, and coverage details of the patients while scheduling appointments.

2. Eligibility Verification Process
The most important aspect of a smooth revenue cycle is patient benefits and eligibility verification. Similarly, if the medical practice knows the insurance coverage details of patients before scheduling appointment, it saves a lot of time. Likewise, claim denials occur if you submit inaccurate eligibility verification data. So, healthcare practice staff should consult with the insurance company before rendering services to the patients. It makes the entire process hassle-free and avoid inaccurate claims submissions that may lead to denials.

3. Accurate Medical Coding
There is a set of CPT codes for every procedure a medical practice renders. Similarly, medical coders and billers submit claims while entering these codes. If the medical code is wrong, it appears that this services is not rendered by the physician. As a result, it leads to claim denials and delayed reimbursements. The resubmission takes time and effort which create a negative impact on the revenue cycle. So, clean coding is essential to achieve an error-free claim submission process and get payments timely.

4. Clean Claim Submission
With accurate CPT codes and timely submission of claims, medical practices can improve their revenue cycle. In addition, medical billing revenue cycle management is dependent on clean claim submission. Incorrect claims result in denials and it increases the accounts receivable. As a result, it creates a bad impact on overall profitability. So, error-free claim submission process is what every medical practice needs to achieve. Thriving in the healthcare ecosystem where insurance payers are an integral part of the system, accurate claim submission is a must-needed thing.

5. Accounts Receivable Management
The aging AR creates an adverse impact on the medical billing revenue cycle. Medical practices should try to avoid AR backlog and create an accurate claim submission process in the first place. However, if claim denials occur, you need to focus on how to reduce the days of claims in AR. Effective denial management with a vigilant eye on claim submission process, you can reduce the accounts receivable. The lesser pending money from the insurance payers, the better the RCM cycle.

Final Thoughts
Following these key steps, medical practices are able to optimize the financial health and reduce claim denials. In addition, it makes the cash flow consistent, reduce accounts receivable, and help you achieve an efficient billing process. MediRCM offers end-to-end revenue cycle management services to medical practices of all sizes and specialties. Consult with our experts to increase the reimbursement rates from payers and get financial success.