Picture courtesy:  patient.info For a health organization to enjoy a good financial position, its revenue cycle management should be efficient enough to bring in timely payments for the claims submitted and collect the amount due from patients. When either the claims submitted are denied or patients are not paying their dues, it results in unpaid collections and bad debts for the healthcare provider.  One of the ways to reduce revenue losses is having smart patient access. By providing smart patient access, healthcare facilities can see reduced claim denials and improve their revenue cycle management performance. To be able to do this, the RCM services professionals have to collect all the necessary information at the registration process itself. Usually, patients feel that all the work related to registration process is time-consuming and unnecessarily delays the diagnosis and treatment procedure. However, hospital registration process is very critical to colle...

Picture courtesy: Google Images T here are many reasons for the failure of a healthcare facility and claims denial is a major concern for the facilities as it results in missing out on huge revenues that are due. Thus, it becomes vital for healthcare facilities to monitor the claims on a daily basis as a part of revenue cycle management. Usually, it is a practice to review the claims on a periodical basis such as weekly, monthly or quarterly which is very beneficial to analyze the effect of claims on the revenue cycle management and the financial prospects of the facility. But, reviewing the claims on a daily basis has its own plus points and helps in improving the revenues of the facility. By reviewing the claims as and when they are processed and examining all the claims submitted on a particular day at the end of the day ensures that the claims process is being followed appropriately and analyzed for a better revenue cycle management. Incorporating a daily review of t...

To ensure that the procedures and tests performed on a patient are coded accurately and billed appropriately is the basic method to avoid and eliminate any claim denials. Irrespective of the precautions taken and measures adopted, there would still be some errors that result in denials. An effective revenue cycle management requires taking effective measures so as to minimize denials and appeal the denials in time, so that they are reversed to bring in revenue to the facility. Following the below steps will help in better revenue cycle management with regard to denials. Analyze claims contract : Every insurance provider follows its own procedures and norms. Hence, it is the topmost priority to review and analyze the claims contract so as to check if you are following the correct procedures and adhering to their guidelines.  Prepare a strong appeal letter : A significant task in revenue cycle management process is preparing an appeal letter that is strong and co...

Optimizing the revenue cycle management for hospital facilities has become necessary with the increase in the number of high-deductible health plans.  Here given are few healthcare market trends that will signify the need for revenue cycle management for better health of healthcare providers.  According to survey results, the out-of-pocket costs for patients have increased by more than 200% in the last 10 years.  Given a choice, more than 40% of employees choose high-deductible plans. Nearly 30% of healthcare providers do not have any idea about the amounts they write-off each year pertaining to in-patient collections. If you employ a robust RCM services provider, then, you will be given an analysis report on your practice management. They will also provide you with some excellent advice on the ways to improve your collections. Around 40% of healthcare providers lose their revenues amounting to nearly $30000 yearly because they fail to collect these amoun...