Hospitals are constantly engaged in medical emergencies that need the full attention of employees; in the drive towards providing quality care, other matters, such as the focus on preparing claims more efficiently and accurately gets ignored. This results in problems like payors’ claims getting filed only to have them denied. Here are some tips healthcare professionals should know for a more efficient revenue cycle management:
Optimize your revenue cycle system by making sure that claims are properly filled out and addressed so they don’t end up being returned or denied. Do some research and find out what errors your office typically make that lead to claims being denied, and then be sure to take steps to get claims efficiently out the door by minimizing the errors.
While you’re at it, why not opt to benchmark and track the trends in your entire system so as to identify problem areas and find solutions that you can work with? You can use an enterprise data warehouse (EDW) to combine clinical, financial, human resources and other forms of data for analysis and optimization.
You should keep up to date with any legislation changes that could affect your system as a whole. Getting left out not only endangers the efficiency and success rate of your revenue cycle management process, but it could also open you up to potential legal hurdles.