Skip to main content

Best Practices that Make Your Revenue Cycle Management Successful -Avontix




The one thing that is the most decisive these days for a healthcare practice’s success is its revenue cycle management. Many healthcare providers are facing financial troubles due to increased supervision costs and decreasing reimbursements for the services provided. With a little care, lot of revenue that is lost due to avoidable flaws can be generated by accommodating few revenue cycle management practices. These are some of the RCM practices that facilitate in eliminating the hindrances that lead to revenue loss and thereby improve collections.
  1. Patient’s payment analysis: To keep the revenue cycle of the healthcare provider on track, it is necessary that a comprehensive analysis of the payment capability of the patient is done at the early stages itself. It is better if the payment analysis is done before any service is provided and the insurance coverage, eligibility for the services etc. are verified.
  2. Coding review: It is utmost significant for any practice to code all the services and procedures according to the latest guidelines. Outsourcing the medical coding jobs to a reliable coding service provider that ensures proper quality control will enhance the financial position of the facility significantly because it will make sure your claims are not denied due to wrong codes.
  3. Claims submission: One of the most important tasks in revenue cycle management is claims submission. Regular and appropriate submission of claims will help to increase the cash flow for the facility.
  4. Avoid denials: As the saying goes, prevention is better than cure, preventing denials is the best thing a facility’s RCM team can do. Maximum care should be taken while submitting claims to avoid denials as they lead to higher revenue losses and increase expenses with the need to follow-up on denied claims. Hiring an efficient revenue cycle management services provider is necessary to identify reasons for denials and devise strategies to resolve those denied claims.
  5. Accounts receivable management: The financial health of a facility depends on the accounts receivable also. An efficient RCM team helps the practice to minimize the accounts receivables by making sure that claims are not aging and all the unpaid claims or denied and rejected claims are followed up properly.
To maintain your facility’s financial health, partner with Avontix, the best revenue cycle management services provider.

Labels:

Popular posts from this blog

That’s Hilarious! Funny Must-Read Medical Transcription Errors!

Doctors every now and then come across some very critical bloopers from medical transcriptionists. Some of these can be downright funny! It’s common for transcription errors to creep in for various reasons like the dictation might not be clear, too many medical terms stuffed in, or misunderstanding at the transcriptionist’s end. Medical transcriptionists vary in experience and skill and may not be well versed with some medical terms. Here is a compilation of some very funny transcription mistakes you could note to avoid being on the receiving end of the laughter! 

   ·"Eyes and nose continue to be within normal limits" (I & O).    ·"History of sick as hell disease" (sickle cell)    ·"She was a bitch and grinned" (a bit chagrined).    ·"The last day the patient took their meds was for beaver."  (forever).    ·“49 year old occasional male”(Caucasian male).    ·“Borderline respectable pancreatic cancer”. (Resectable).    ·“Patient is alert and orien…
Post a Comment
Read more

Healthcare Documentation – A Promising Career Option -Avontix

Picture courtesy: explorehealthcareers.org
With ever-changing legal and medical requirements, it is mandatory that all the procedures and processes performed by healthcare practitioners are recorded accurately not just for evidential purposes but for future references also. However, it is not possible for the physicians, nurses, and other healthcare professionals to keep documenting each and every process performed by them in a written format. Hence, physicians take advantage of the technological advancements and record the procedures performed by them in audio files using an electronic device. Although these can serve as records, it is not easy to comprehend a physician’s voice file when the information is required. So, these voice files are transcribed into electronic documents and this process of transcribing is called medical transcription or healthcare documentation.  
The voice files given by the physicians for healthcare documentation include their office visits, emergency room …
Post a Comment
Read more

Continuous Improvement – The Secret of Self Improvement -Avontix

What is that we typically do for self-improvement? Set a large goal; try to accomplish that in the least possible time. At the outset, this seems perfectly alright but does not work in practicality. It often leads to exhaustion, frustration and failure. This pattern needs to change; instead, we should aim for simple path of continuous improvement by slowly fine-tuning our everyday behavior and habits. Continuous improvement means, making minor changes and adjustments in our everyday life with the anticipation of a remarkable change over a period of time.

It’s not that easy to believe that small changes can lead to big shifts of improvement because we can’t see any notable accomplishments on a daily basis, BUT IT WORKS. Minor alterations don’t show results at that particular point of time but add up over a period, hence, we can see the results only in the long run; in fact, it is possible that we may happen that we may not even recognize it initially.



How do we go about it?


Avoid mistak…
Post a Comment
Read more