Updated: Jun 11, 2020
Is there a secret formula to revenue cycle management?
Well, unfortunately no, but it would be nice if there was!
The good news is though even though there isn’t a secret formula you can still improve your revenue cycle management and you don’t need to be a rocket scientist to do it!
Today we are providing you with four tips that can improve your revenue cycle management:
You will never improve upon what you don’t measure first. You need to know where you stand and how effective you are in each area of your revenue cycle. This can be done by having Key Performance Indicators (KPIs) in place that will be what you measure your performance against each month. It's important to share these results with your team, have set performance goals in place and celebrate meeting and exceeding those goals.
Educate all staff members that are a part of the revenue cycle. Knowledge is power! It's important that each person on your team understands their roll in the revenue cycle. Create a process with step by step instructions, this is a good area to implement a checklist (for more on implementing checklist click here).
Select the right technology and use it to your advantage! Technology is a tool! Embrace it! Make sure that all team members are trained to utilize that technology to its full potential.
This one seems obvious, but it is often the area where the ball is dropped the most. It's important that you follow-up with payers, address the denials, rejections and request additional information. Follow-up with your providers, make sure that your team is effectively communicating any issues with them in order to prevent future ones. This way there is no money left on the table.
Revenue cycle management is not easy task and and requires a lot of your attention. If you're interested in learning more let us know, we would love to discuss how we can help improve your practice!