Running a medical practice not only means providing quality care for patients, but ensuring that payment is received for services rendered. However, while patient care and well-being should be your organization’s top priority, neglecting the business side of things can also have negative consequences for patients. Providers concerned about their practice’s financial health should consider contracting the help of a revenue cycle management company.
What can revenue cycle experts do for me?
Many smaller practices lack the resources to collect insurance information during a patient’s initial phone call, which marks the start of the revenue cycle for that patient. This means that insurance coverage and benefits are oftentimes not verified before an appointment. If you have someone checking benefits a few days before a scheduled visit, it gives your staff time to contact patients who aren’t covered so that they can either reschedule or be made aware of expected visit fees.
Automating other processes can along the revenue cycle line, such as electronic claim submission and remittance payment posting, can also help improve your practice’s accounts while making better use of staff resources. In addition, providing e-statements and offering online bill payment options can help shorten the revenue cycle by allowing patients to pay their medical bills conveniently and on their own time.
According to Mark Snow, chief marketing officer and director of business development at a Pennsylvania revenue cycle firm, “[F]orward-thinking hospitals and practice groups are changing the way they bill patients, using systems that are more accessible, reliable, technologically current and have proven track records with electronic billing and paying.”
With the help of a revenue cycle management company, your practice will be able to recover old account balances with the use of automated tools and increase profitability moving forward, giving you the tranquility to focus on what you do best: practice medicine.