Whether you run a large hospital or a small medical practice, your revenue cycle is vital for keeping the doors open. Optimizing revenue cycle management systems to reduce rejected claims and shorten the payment lag will keep the cash coming in.
In addition, look for a program that can simplify the audit process. This will minimize the impact of an audit on your financial stability.
Implement a Claims Management System
A claim management system (CMS) can help you streamline your revenue cycle. Automating front-end tasks like verifying insurance eligibility, registration, and authorization can save you time and money. It can also reduce denied claims by prompting healthcare employees to enter all the information needed for processing.
An effective CMS should have robust edits to ensure accurate and error-free claims. It should also allow for digitized attachments and streamlined workflows to reduce manual labor and paper-intensive processes, which can contribute to delays in claim processing.
A scalable CMS will also accommodate growth and change, allowing you to add fields, adjust workflows, or integrate with other systems as your business grows. For example, the Origami Risk platform will enable you to make system adjustments for each client to meet their specific needs without compromising workflow automation and integration options.
Automate Billing
Almost all steps in revenue cycle management systems can be automated, increasing billing speed and efficiency. By automating these processes, healthcare practitioners can free up time for higher-level tasks that add value to patients and help them stay profitable.
One of the best ways to make this happen is by implementing a customer payment portal that allows customers to quickly and easily pay their invoices online. This simplified and convenient customer experience increases on-time payments and reduces the workload for accounts receivable staff.
Another way to automate billing is by implementing RCM software that automates many of the most critical functions in the revenue cycle process. This can include insurance verification, patient eligibility verification, claims processing, denial management, and payment posting. This eliminates manual tasks prone to error and streamlines the workflow, improving accuracy, speed, and efficiency.
Implement a Patient Portal
Patient portals provide seamless access to their records and communicate with healthcare providers. They can also schedule telehealth appointments to address common symptoms without an in-person visit, saving patients and front office staff time.
To get the most out of a patient portal, educating patients on how to use it is essential. This can be done by including a link to the exit on all statements and bills, adding a link to the practice website, running videos on waiting room monitors, and handing out brochures during in-person and telehealth appointments.
Incentives can also be a great way to encourage patients to use the patient portal. For example, a small discount on a bill can be offered to patients who pay through the portal. This will help to reduce check-out times and improve patient satisfaction.
Implement an Electronic Health Record (EHR)
Choosing the right EHR system for your medical practice is vital in optimizing your revenue cycle management. An EHR can either streamline or hinder operations at your practice, depending on how it is used.
When selecting an EHR, look for one that is user-friendly and has a straightforward interface. This will help your staff adapt to the new system and avoid losing productivity.
Also, be sure to choose an EHR with built-in automation. This can help reduce clerical errors and improve your revenue cycle. For example, an EHR can automatically send remittance advice to patients once insurance pays their claim. It can also validate copayment amounts and let patients know if they need to pay an outstanding balance.
Additionally, an EHR can help you avoid upcoding and fraud by allowing you to select codes more carefully. Check out the EHR ratings from industry experts like Beckers Health IT and KLAS Research to ensure your choice meets industry standards.
Implement a Patient Portal
Patient portals are a powerful tool for streamlining office workflows by moving many everyday communications online. They reduce the need for receptionists to deal with non-urgent requests over the phone and free up staff time for other, more critical tasks. They can also help to speed up collections by allowing patients to make payments online and even pay their deductibles and copayments.
When choosing a patient portal solution, look for one with flexible features that can be customized to fit your practice. Look for a patient portal that offers an intuitive user experience optimized for mobile users. If you’re going to invest in a patient portal, be sure to market it well so that patients and healthcare consumers use it regularly.
This can be done by educating patients directly during in-person and telehealth appointments, handing out informational flyers, sending email reminders, or including links to the portal on your website and marketing materials.
Implement a Patient Portal
Patient portals are a key part of a healthcare practice’s revenue cycle management (RCM) strategy. Portals allow patients to manage their health and financial information online, leading to more efficient RCM processes and improved patient and practice outcomes.
Patient engagement and adopting a patient portal are critical to its success. To maximize usage, consider choosing a solution that includes customizable features and is designed to meet the needs of your patient base. A personalized portal will be easier to use and more likely to drive adoption.
Another critical factor is educating patients on how to use the portal. You can include a link at the bottom of patient statements or bills, patient education materials, and marketing resources. You can also put a sign-up connection on your office door or include it in the handouts you provide during in-person and telehealth appointments.
