Enhancing the collection process is one component of effective revenue cycle management. Many practices across the US still struggle with reduced patient volume. This has led to a decrease in practice revenue. If the practice revenue continues to suffer, improving the patient collections process can be helpful in maintaining cash flow.
In this blog, we’ll focus on the top effective ways RCM provides to enhance payment. Make sure you stick till the end.
Revenue cycle management services ensure accurate insurance and contact information, enabling staff to verify coverage and follow up with the patient throughout the treatment and collection processes. For example, when the patient calls the office to make an appointment, the staff must collect current complete information, giving patients the option to mail. The online appointment tool should also have fields to collect or update information.
Verification of eligibility and outstanding balances
Before or during service, the healthcare revenue cycle management will verify coverage with payers to clarify payer rules. Implementing these steps helps pinpoint any patient collection changes that may have occurred, what portion of charges for the expected treatment and the patient’s responsibility for payment.
Smooth payment policy
The best way to collect patient balances is to require patients to cover copays and patient responsibility at check-in. The healthcare revenue cycle management provides a smooth payment policy to ensure patients are aware of this requirement. This includes a patient responsibility agreement in the check-in paperwork for patients to sign.
The purpose here is to provide patients with clear guidelines for collections. The RCM services also offer a patient messaging solution and send automated appointment reminders communicating what’s due at the time of service.
Multiple payment options
There’s always an increase in the likelihood of collecting balances at check-in when you have access to various payment methods. This includes cash, credit/debit card or check. When you have a convenient and easy-to-use online payment tool, it can be easy to facilitate patient payments.
For maximising collections, perseverance is the key. You need to develop a proactive plan when contacting patients who don’t make timely payments. You can create a script for staff to follow. Also, the staff must be well-prepared to request payment in full. Besides, you can offer a payment plan if needed.
Medical billing and collection services
RCM services provide value-based care programs; changing payer fee schedules, employee attrition, government regulations, lack of training and resources, and high deductible health plans may be factors causing the practice to bring in less revenue than it truly earns.
It’s important to stay financially healthy in a challenging regulatory environment. Moreover, it requires understanding how to get paid for the services, i.e., handling claim denials, improving denial management and underpayment to follow up on outstanding payments.
Take the first step towards more excellent financial stability when you get to enlist the help of a medical billing service. With expert staff knowledge, the revenue cycle management helps you boost practice revenue and achieve all the financial goals.