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

Role of Proofreading in Healthcare Documentation -Avontix

Picture courtesy: careeraddict.com
Medical transcription or healthcare documentation deals with the documentation of voice files which is prone to many errors due to the kind of work it involves. Healthcare documentation specialists have to listen to various physicians’ voice files with different accents and document them in a prescribed format. Often there are issues with the voice files regarding the background noises, the clarity in the physician’s speech etc. that give a challenge to the medical transcriptionist. Moreover, many people in healthcare documentation jobs work remotely without any immediate supervisor to rectify errors if there are any. This kind of work needs that the medical transcriptionist is independent, self-motivated and responsible towards the work being done. Being an indispensable part of the healthcare industry, the healthcare documentation specialists take pride in their jobs and work relentlessly for the accuracy and comprehensiveness of the documentation t…
Post a Comment
Read more

Pointers for Accurate Healthcare Documentation -Avontix

One of the exciting and trending career options available for graduates is healthcare documentation that is also known as medical transcription. There is no dearth of opportunities in medical transcription jobs in Hyderabad as there are a good number of medical transcription companies here. Avontix is a good option for those who want to take up healthcare documentation in Hyderabad. For all those who want to excel in healthcare documentation here given are few tips.
Good typing skills help: One of the key requirements for medical transcription jobs is typing error-free with a good speed. Apart from regular typing skills, it is necessary that you learn and master the keyboard shortcuts and minimize the use of the mouse to accelerate your typing speed. It has to be remembered that typing fast with minimum errors is the key to success in this job. Hence, practicing typing without errors and without the need of deleting and re-typing is important.
Excel with listening: One of the pre-requi…
Post a Comment
Read more