Recent US healthcare system updates have introduced new challenges for physicians and patients. From now, the healthcare system will have to face several unique challenges, which will require more time-consuming tasks providing new challenges to improve revenue collection in 2023. Neglecting the updated rules and regulations means healthcare providers will suffer $125 billion yearly.
According to the survey, co-payments reimburse 20 percent of the total revenue, but most healthcare providers can collect only 60 % of the co-payments. This trend is gaining popularity due to the new ICD-10 rules. However, if the proper steps are taken, the chances are more that you will be able to gather more revenue. If you want to increase your practice revenue, contact with prgmd medical billing company to maintain the smooth flow of the Revenue cycle management process.
How to improve your revenue cycle management?
Although the above-mentioned points have been very frustrating for the revenue side of the healthcare industry. But a few necessary steps beforehand can improve the overall performance; one can establish a step-by-step process to enhance the overall revenue cycle management process. If you can sort out the issues beforehand, then the chances are more that you will be able to maximize the revenue.
-
Maintain an easy and transparent collections process
You must build a straightforward collection process to generate more revenue from your practices. For this, you can establish a step-by-step approach for your business to help you streamline all the processes. Doing this will improve overall revenue cycle management and give you peace of mind to devote all your attention to the patients.
However, establishing a straightforward process may take a very long time. However, when you have an appropriate collection process in the palace, you will have enough time to pay attention to the reimbursements in advance. You will be able to pay attention to the bill for the collections and cut the communication gap.
2. Handle the claims properly
Medical coding and billing are complex, and even expert coders and billers leave room for mistakes. However, insurance companies demand accurate coding practices; they will not consider rejecting your bills containing errors. In addition, the process for the submission and resubmission when the claims are not reimbursed will take a long time to compensate when they are resubmitted after correcting the most common errors.
3. Put relevant medical codes
The experienced coders translate the medical billing procedures into codes. There are updates in the codes daily; if you are unaware of the latest medical billing and coding trends, you will miss the more significant part. For instance, there is an ICD-9 and ICD-10 coding manual. Now, most medical billing companies use the latest medical codes, ICD 10. However,
When writing the codes, you can check the latest coding resources or contact the insurance companies to improve the coding task.
4. Adopt healthy measures to handle the denied claims
Double-check your claims for the most common coding errors. Few when you face denials because of coding errors or other errors like you need to write the correct patient information. For this, you can contact the insurance providers to find out the real problems behind the denials. By doing so, you will be able to reduce denials and improve the submission process.
5. Try to upgrade your services
To improve your revenue from your practices, you must keep abreast of the ongoing trends and changes in this domain. You have to track your performance and beware of healthcare rules. Instead, try to finger out the common faculty areas and fix them one by one.
6. Outsource your billing to excellent medical billing services
Keeping up-to-date with medical trends and patient concerns is crucial to medical practice success. Furthermore, you also need to train your staff about the latest trends and rules of medical billing. Also, you must ensure that your team knows the medical codes.
To deal with such a situation, you should source the medical billing and coding task to reliable and effective prgmd medical billing services if you want to reduce labor costs and try to improve the revenue cycle management for your practices.
