Do you want to enhance your revenue in your healthcare practice? Collections, denial management, and resubmitting revised claims are all excellent places to start.
Check out these best practices for developing an effective RCM plan to protect cash flow and ensure practice profitability.
- Implement Value-Based Services and Promptly Collect What Is Owed
A value-based care system enables physicians to ensure that patients receive ongoing care to support a healthy lifestyle while increasing office efficiency and practice profitability.
Practices interested in boosting value-based reimbursements should look into the Centers for Medicare & Medicaid Services’ Chronic Care Management program. Regardless, practices should develop a payment policy that promotes collections, including timely contact with patients with outstanding balances.
- Understand Payer Requirements to Prevent Claim Denials
Claim denials are certain to harm the revenue stream and can cause patient frustration. Thus preventing claim denials is an important step in efficient RCM. Each payer has its fee schedule and billing requirements that practices must follow. Address difficulties as soon as they arise to prevent leaving money on the table. This will prevent a significant impact on revenue.
- Correct and Resubmit Past Claim Denials
Some practices only focus on new claims rather than investing time correcting previous errors or denials. However, if you do not evaluate these denied or rejected claims, you will not get the most out of your revenue cycle and will continue to lose money on services delivered.
When you work with Oracle Billing, Coding, and Consulting LLC, you have a team of revenue experts with specialty-specific knowledge. Leave your medical billing and medical coding to us.
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