Several hospitals are scrambling to maintain strong revenue in the new value-based reimbursement model due to the industry’s new regulations and reforms.
Providers, payers, and consumers can better communicate and interact with Ventra Health leading to a more durable revenue cycle management strategy. Revenue cycle managers should focus on a few key areas to maximize reimbursements for their medical facilities.
Embracing technology within the revenue cycle is key to strengthening revenue cycle management. Interactions between providers and payers are better facilitated through platforms. Platforms often avoid bad debts. Below are a few specific points. The specific five may not be the most glamorous, but they do have a significant impact on embracing technology elements.
- Select the right technology
With the right technology, healthcare organizations can simplify workflows and optimize reimbursement times. If you rely only on traditional paper processes and manual data entry, you will struggle with inefficiencies and inaccuracies. Your team’s revenue cycle management processes will be automated with the help of a qualified vendor who specializes in medical billing and practice management software.
- Improve your billing system
Whenever you upgrade your billing system, you need to keep convenience in mind. Buying products and services is all about convenience. Consumers want things to be easy and fast. Patients can pay their bills much more conveniently and quickly by making online payments. Approximately 40,000 different healthcare apps are available, and some of them allow you to find a doctor easily. You must keep up with the technology of online payments to anticipate how to put these capabilities in the hands of patients in the future.
- Verification of eligibility automatically
The more transparent your billing process is, the easier it will be to get paid for services. It would be great if you verified your patients’ insurance eligibility before services are rendered so that you can inform them about their financial responsibility and their out-of-pocket costs. Your practice might increase the number of patient payments each month if patients are better able to budget for their care. Furthermore, it helps providers develop an alternative plan that adheres to the patient’s coverage, thereby faster payer reimbursement.
- Management of claims and denials
Providing providers with revenue cycle management services can also help them achieve a first-pass acceptance rate of 99%. Denial management and claims tracking ensure that your claims are coded the first time correctly, so you never let a denial slip through your fingers. If your claim is denied, it is quickly resubmitted to ensure little delay in payment.
- Consult professionals
Effective healthcare revenue cycle management begins with choosing the right system. As important as your medical equipment is, or should be, your management software. It doesn’t make sense to get a cheaper, lower quality product that won’t give you the best return on your investment. A tool for healthcare revenue cycle management is NextGen’s RCM service. This system covers a wide range of things that humans may overlook. By using this tool appropriately, payments can be closed out faster and backlogs reduced.