Managing your revenue cycle can be both complicated and time-consuming. Instead of worrying about revenue management, focus on patient health management and let a third party handle the rest. Revenue cycle management companies are equipped with experts and technology that can improve coding and billing services within your practice. As a result, you’ll see improved efficiency and minimized loss.

Once you’ve decided to turn the reins over to a competent third-party revenue cycle management company, how do you choose the right partner? The best way is to assess your specific needs and consider which company can best meet them.

What Do You Need?

Consider your billing processes and the areas in which your business falls short. Are you having trouble following up with your patients? Are your insurance claims getting denied? Your revenue cycle management partner should be able to help fill the gaps and smooth your processes. From coding and billing to collections and compliance, a revenue cycle management partner can follow up and collect reimbursement from both insurance companies and patients.

What Will Your Provider Offer?

Your partner should be able to provide solutions to your specific needs. Many providers offer software-based solutions that allow your practice to access vital information any time, on any device. ClinicAnywhere software streamlines the practice from a compliance standpoint by integrating document management and a patient portal into one solution. Compare competitors to evaluate whether they offer the services you need. To do this, you must ask questions like:

• Do they follow up on denied claims?
• Can they help your office handle patient inquiries?
• Do they offer a patient portal system to help with scheduling and payment?

ClinicAnywhere Has What You Need

The professionals at ClinicAnywhere provide our clients with quality revenue cycle management. We want to help improve revenues for your practice through better documentation and training. Shorten your accounts receivable to below thirty days. Collect on your copays. Contact ClinicAnywhere today to get started!

Start in-house. Did you know that patient copays make up about 20% of a practice’s revenue? If you haven’t been making revenue management a priority, you need to start.

As deductibles and copays continue to rise, patients frequently face bills they are unprepared to pay. And when patients don’t pay, revenue suffers.

On the other end, medical practices are struggling to implement a proper plan to receive patient payment. On average, only 60% of collections are being captured by medical practices. That’s a whopping loss of $400 for every $1,000 dollars a practice should be receiving!

In addition to a patient revenue solution, consider a solution to cash flow and claim rejection issues. ClinicAnywhere has some time-tested tips and software available to help your practice improve its revenue cycle management.

#1: Clearly Define Payment Rules

In order to begin improving patient collections, start with the payment rules themselves. Create a payment policy that defines your patient’s requirements. Guidelines should include acceptable forms of payment (cash, checks, and/or credit cards), deadlines, late fees, payment plan options, and procedure costs.

Be as specific as possible. Patients cannot contest a clearly defined payment plan. Additionally, the more specific the payment rules are, the less awkward it is to follow up on a late payment, making management of cash flow a lot less arduous on your billing staff!

#2: Go Online

Accessibility is key to upping the percentage of reimbursement your practice receives, and what is more accessible than the Internet? In today’s technology-driven world, an increasing number of consumers have turned to online bill payments for the sake of convenience.

Allow payments via your Patient Portal. You will save money on resources by forgoing paper billing, your cash flow will improve, and you’ll increase the Meaningful use of the Patient Portal.

As defined by Medicare, Meaningful use, stage 2 must be met to avoid a 1% penalty. The rules state that 50% of a practice’s patients must have online access to their medical information, and that 5% of these patients must be actively engaged on the patient portal. Providing online payments could be the answer to bypassing Medicare’s amercement.

Beyond the Patient Portal, the ClinicAnywhere software solution allows for easily customizable, robust reporting and integrated document management. Minimize delinquency by ensuring accurate and timely statements. Invest in the right revenue cycle management solution for your practice today.

#3: Hire a Medical Billing Company

Improving your practice’s revenue cycle management methods can be difficult. No practice likes having to resort to collections to get paid, and working with a medical billing company like ClinicAnywhere can minimize the amount of billings that reach that point.

ClinicAnywhere can help you improve your revenue cycle management! We have a history of helping our clients not only improve their data management but also reduce claim errors and rejections, shorten accounts receivable days, and boost profitability. Contact us today!