Revenue Cycle Management Best Practices

Revenue cycle management is a critical aspect for revenue improvement. Today, in several healthcare institutions change in regulations, pay performance criteria and denials or decreased amount of reimbursements have resulted in following the correct Revenue Cycle Management practices strictly and carefully. Revamping the RCM practices helps to increase the efficiency for a successful overhaul. Some of the best are listed below which can improve RCM perfectly:

Examine the present management system: Before the organization decides to replace the management system, it is important to look at what they have and find the loop holes which can be fixed. The elimination of the waste in the process and seeing the efficiencies first is vital to understand the benefit. Before the system is replaced, the hospitals and clinics must check how much money they have in their accounts and accounts receivables to understand how they can reduce the amount before starting the replacement procedure of the system.

Planning and testing each procedure: It is important to see how the work-feeds in a system execute. Testing and tracking of the patient should be conducted. Attention should be paid to how a patient is scheduled and then how the examination takes place to understand how the things are moving through the system. Live testing of the system should be conducted with the payers so the remittance should come precisely and the time duration of testing, planning and carrying out of implementation process should be noted. In most of the cases it is 2 years because if the implementations are rushed then it creates maximum issues.

Clinical workflows consideration: When working on RCM it is crucial to consider the clinical workflows so the achievement of the organizational goal is easier which one is striving for. The healthcare institution will need to plan a team of staff who are aware about the technology and understand the crucial aspects of management system, clinical workflows, etc. Thus, necessary changes to the physician’s workflow can be made for better RCM.

The Revenue Cycle Management has many other details which need to be revamped from time to time so one can identify and fix the revenue cycle leaks and manage daily, weekly or monthly to do list for steady revenue flow and help you take complete control over your revenue cycle.

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