Revenue cycle management plays a huge role in driving healthcare revenue. In today’s digital world, the healthcare industry has started making use of advanced technologies like robotic process automation, and artificial intelligence to automate RCM processes.

Today, healthcare organizations are started to rethink their revenue cycle management. Starting from patient access to accurate clinical documentation everything needs to be concentrated more than ever to boost your practice revenue. So, what can your healthcare organization do to improve your revenue cycle and help prevent denials? Understanding the importance of a clinically driven revenue cycle is important and here is what you need to know.

To grow your bottom line at your independent medical practice, you need to reduce claim denials. Denied claims, as well as missing or late charges, are two of the most common reasons for lost revenue at an independent medical practice. To avoid this, you need to work with a quality RCM services vendor. Together, you and your trusted RCM partner can identify areas that need help and take steps to improve them. Below are 5 steps to reduce claim denials at your independent medical practice.

As provider credentialing is considered to be an important step for achieveing effective revenue cycle management, this article explains you about how provider credentialing works and what are the primary phases involved in it.

In the hard fight of the COVID-19 pandemic, the RCM optimizations turn to be the crucial one with the highest priority. Past year, most healthcare organizations faced serious issues related to practice revenue growth, patient outcomes, billing, and collections – where everyone was fighting as a real hero in the Covid war to safeguard patients from this deadly virus.

In today’s current scenario, it is becoming very difficult for healthcare practices to maintain practice revenue. RCM is becoming more complicated over the years with the advancement of digital technologies like remote patient monitoring and value-based reimbursement models. With so many changes and challenges in today’s health system, medical practices can’t afford to ignore the charge capture process. Here, CapMinds listed the 6 best practices for the charge capture process.

Here’s why you might be right.

According to our most recent 2020 Technology Survey, completed by 1,017 physicians, nearly one out of four said they paid more than $10,000 for EHR software alone, excluding hardware and training costs. The Office of the National Coordinator estimates the average cost, all things included, for an EHR is about $35,000 per physician, notes Pandi Paramasivan, CEO of CapMinds Technologies. But he has a set of solutions that will help you reduce the cost multifold.

Here’s how CapMinds can help:

Reducing Inefficiency

CapMinds reduces inefficiency in the billing team via periodic goal setting, which can be enhanced with healthy competition. Split departments into teams and have them compete for financial benchmarks, like time-of-service collections. Reward the winning team(s) and enjoy more efficient performance monitoring.

Do you have a lot of collections pending and the EHR is too rigid for your workflow? Here’s how CapMinds can help:

Better Communication Between Physician and Financial Staff

On the surface this might sound like an obvious answer but in reality almost 70% of the providers face issues conveying their concerns to the RCM company. CapMinds offers a dedicated Billing manager for your practice and is available 24/7 for anything and everything

The healthcare providers believe that their organizations could save 15% or more over the next five years with the help of predictive analytics. The better area where predictive analytics can drive good saving is with revenue cycle performance.

In today’s competitive healthcare marketplace, healthcare providers and expert teams are looking for new ways to attract their patients. Patients have greater options to go for. They are looking for quick ways to access their care and the features which save their valuable time. The traditional methods to attract patients are also effective today, but you need more to stand apart from the competition. Here are the 4 smart steps to improve your patient referral tracking process.

When discussing successful healthcare claim management, it is very important to build an effective system that manages rejected claims at initial. Of course, all healthcare organizations get worried if their medical claims get denied.  The only solution to overcome these issues is to initiate an efficient medical claims denial management process.

As the behavioral health revenue cycle management offers huge benefits to both healthcare providers and patients, it continues to gain great acceptance in today’s 2021 healthcare marketplace.

The accounts receivable days are one of the most important key factors for improved practice growth. The AR days is a measure of the average time taken for a claim to be paid on average daily charge volume. This level of measurement varies based on the type of care and medical specialties. But the suggested standard is fewer than 40 days.

Maintaining smooth practice operations is a complicated task especially during these times of the COVID-19 pandemic. To keep your practice healthy, optimization of the revenue cycle management process is very important. Are you running a cardiology practice? You will be suffering from improper documentation, medical billing errors, AR management, claim denials, and more.

Medical coding quality is a very crucial part of revenue cycle management to ensure clear claims and better reimbursement. So, when done inadequately, it may impact each part of the revenue cycle.

The most successful practices recognize that medical credentialing is an important step in healthy revenue cycle management. Regardless of whether you are adding another healthcare specialist or opening your practice, you have to begin the credentialing cycle earlier to keep away from possible issues.

Why improving patient collection important?

Improving patient collections is one of the important key components of effective revenue cycle management. Medical payments have undergone a drastic change over the past few months due to the COVID -19 and patients are becoming increasingly affected by the rising healthcare costs and expensive medical bills.

The U.S healthcare system has undergone new technological changes and both the providers and the patients are facing new challenges daily to adapt to today’s healthcare reform. The frequent alterations of medical billing rules and regulations and the value-based compensation models can cause revenue losses for providers across the United States.

In recent times, Prior Authorization (also known as Pre-certification) is one of the trending terms in the healthcare industry. From this article, you will get a clear picture of Prior Authorization, why it is important in RCM, and the most effective tips to handle PA in your practice.