Revenue cycle management is a unique process for each practice. Many are looking to reduce the number of patient rejections. Some are looking to compensate for lost revenue due to underpaid claims. Others are looking to decrease the number of days claims remain in accounts receivable. Here are what we at ClinicAnywhere have found to be the best practices for revenue cycle management.
Verify Insurance Eligibility
The first thing you should do when your patient checks in is find out if they are eligible for insurance. This will benefit both you and the patient. You will be able to verify their insurance coverage and thus tell them how much you will be collecting in the form of their co-payment. This will keep you hassle-free in the future when working with your client and with their insurance company.
Follow Up in a Timely Manner
If you have claims that come back underpaid or denied completely, follow up immediately! The longer you wait, the lower your chances are at receiving compensation for your work. If you follow up immediately, you have a better chance of figuring out why you were not paid in full or why your claim was rejected while still leaving yourself time to correct the issue.
Submit Daily Claims
The process of submitting daily claims is vital to your practice’s cash flow. Not only can you keep claims from becoming troublesome, you can focus on the daily details of your care. Submitting once a week delays your payment up to four days. This delay in funds may significantly impact your cycle.
To keep from getting overwhelmed, create a process in which claims are corrected, well-documented, and accurate. More than 90 days, and the claim is no longer valid. So even if you can’t submit daily, certainly work as quickly as you can to submit all claims as you collect them.
Create Monthly Reports
In order to reach ultimate transparency with your practice’s finances, you must report monthly on incoming and outgoing cash flows. By doing so, you will give yourself more data to work with over the year to then observe patterns and analyze billing issues.
Select the Right Revenue Cycle Management Partner
At ClinicAnywhere, we focus on creating a versatile, sure, and easy-to-use system for your practice. Our clients pay a fixed percentage of their collections. All of our cloud-based software and RCM costs are bundled into that fixed percentage, and this makes it easy for the practice to predict and document costs. Contact us today to learn more about ClinicAnywhere, your ultimate partner in revenue cycle management.