3 Tips to Improve RCM
Revenue cycle management (RCM) is known as the process of handling claims, processing payments and generating revenue in the healthcare industry. This process starts when a patient schedules an appointment and continues until the account is balanced. Also included in RCM are various steps such as coding claims and checking insurance eligibility.
In order to keep operational costs low and patient satisfaction high, it is essential the practice receive payments from patients and insurance companies in a timely manner to maintain profits. This means the revenue cycle must be managed effectively. We’ve come up with a few tips to help your practice achieve this.
1. Train staff on policies and procedures
Have policies and procedures in place. It is important for the billing staff to have clear guidelines to follow. Some examples are: adjustment and write off rules, appeals process, and patient collections. Having clear expectations for the billing staff will improve accounts receivable management and ensure compliance.
2. Make the payment process as easy as possible
To make sure you get your payments on time, it is the responsibility of your practice to make the payment process as easy as possible. One way to do this is to offer an online payment option so patients can seamlessly use their debit or credit cards to pay the bill. The easier it is for patients to pay, the more likely they are to pay on time as well. It is important to create an effective strategy for collecting payments to increase the revenue for your practice. Additionally, if the process is easy for patients, it will be much easier for staff to help with the process.
3. Practice management software
Make the best use of all the tools of your billing system. Tools like insurance verification, claims status, electronic remittance, and many more are available to practices. These tools can expedite claims, processing, and collections and increase your efficiency. Software can also help to automate collections.
At EMMG, we focus on collections, so you can focus on patients.
With over 20 years of medical billing experience, EMMG will boost your revenue collections and improve your bottom line. We have the ability to integrate with most EHR systems including ADS, ECW, Epic, Practice Fusion & more. Customizable reporting packages structured to your needs allow you to quickly review the health of your business and get back to seeing more patients.
We’ve got you covered - by using our robust, repeatable process and leveraging the expertise we’ve built over 25 years of serving practices like yours - we handle every aspect of your revenue cycle. From scheduling the appointment, through collections, to in-depth reporting that satisfies internal/3rd party requests.
For more information on our unique services and packages click here or give us a call at 516-338-5300. Our dedicated team will be happy to answer any questions you may have.