Revenue Cycle Processes
If your revenue cycle management processes have been ignored, you are probably leaving significant reimbursement dollars on the table.
Status quo can be costly. As insurance companies continue to look at ways to decrease and deny reimbursement, Medical practices need to find efficient and innovative ways to capture charges and collect revenues.
How Can MDmanagement Help?
MDmanagement can help you analyze your current revenue cycle processes and focus on ways to improve data capture, audit payer reimbursement and increase revenue. Revenue problems rarely stem from a single source; they are most often the result of deficiencies in education, training, staffing levels, workflow, or poorly implemented software. Each deficiency must be addressed as part of a coordinated solution to obtain real improvement.
To start the Revenue Cycle Process Review, we establish baseline measurements of your revenue cycle performance and create applicable benchmarks. Our experienced Revenue Cycle consultants will compile the information necessary to provide you with recommendations in the following areas:
- Appointment Scheduling / Patient Registration
- Insurance Verification
- CPT Coding & Charge Processing
- Payment Posting / Appeal of Underpaid Claims
- Accounts Receivable Management
- Bad Debt Management
What You Can Expect
We will complete a detailed Revenue Cycle operational assessment of your internal processes to identify opportunities for improvement, while also focusing on operational and documentary compliance with HIPAA privacy and security standards. We’ll then provide a written work plan containing an assessment of your overall revenue operations, and recommendations for the creation, implementation and monitoring of workable solutions.
Typical improvements include:
- Increased accuracy of patient registration data
- Timely insurance verification
- Improved timeliness and accuracy of charge postings
- Reduced volume of claim denials
- Reduced AR days outstanding
- Increased receipts per patient visit