10 Tips to Improve Your Revenue Cycle Management 

10 Tips to Improve Your Revenue Cycle Management 

Do you have trouble keeping up with claims? AR days piling up? Overwhelmed by denial? It doesn’t have to be that way. Back-end functions of your business are central to maintaining cash flow for your practice. Here are 10 tips to make it more manageable.  They WORK! 

  1. Submit claims everyday,  This will help you stay on top of submissions and avoid timely filing denials. 
  2. Work edits within 24 hours, when it comes to identifying coding or charge entry mistakes, do it before you submit the claims. Then have a process in place and make sure it is followed. 
  3. Maintain best practice training, you are only as good as your staff. Conduct regular training so that your staff remains updated regarding the claims process. 
  4. Automate as much as you can, eliminate time-consuming, labor- intensive tasks that eat into the time and energy of your staff. Automation will also reduce errors and improve overall profitability. 
  5. Be mindful or secondary or tertiary payers, cross-check to ensure that there are no errors with primary payment which could lead to secondary and tertiary payers receiving claims riddled with mistakes. 
  6. Consider system automation to apply patient credits to other services, automatically applying patient credit balances to other services as appropriate will save time. 
  7. Organize claims by denial types, sort out your claims on the basis of those that can be prevented and those that need to be managed upon occurrence.
  8. Create patient pay process and schedule, have established contact points to meet your patient’s unique needs, and leverage data to determine if patients can pay without multiple touches to save time and resources. 
  9. Meticulously train front desk staff, with the increasing rate of claim denials, it becomes imperative to practice caution. 27% of claims are denied due to registration and eligibility errors. This can be avoided if the front desk staff are trained to perform their duties with accuracy. 
  10. Observe patterns, pay close attention to observe if there is missing or inaccurate data leading to denials. 

With these strategies in place, you can improve your revenue cycle management to support your bottom- line. Some of these you can implement right away, and others you get started on by  enlisting the support of a trusted RCM partner.  

Interested in finding a partner to optimize your RCM cycle? Learn more.  

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