A revenue cycle ends when a healthcare facility has collected payment from a patient’s insurance policy; and starts over when a patient asks for a medical appointment.
Through each stage of the cycle, monitoring is essential. One missed step and the facility can find itself facing a claims denial, or delaying the process. A MedPage Today article lists three important elements of an efficient healthcare revenue cycle management.
Gather Data Faithfully
One of the first steps in RCM is to determine whether or not the patient has the right coverage. This can be done by verifying a patient’s coverage before the scheduled appointment. A patient without the right coverage can turn to organizations who offer eligibility assistance for healthcare coverage from Medicaid, Social Security, and private insurance companies. Eligibility verification prior to a medial appointment can greatly help avoid denied claims, and the cost of re-processing these denials.
Input Figures Accurately
From contact information to the corresponding ICD-9/10 code, healthcare providers benefit from accurate inputs. Insurance companies demand accuracy in filing claims, so expect no slack for a misspelled name or incorrect ICD code.
Leave It to Automation
Healthcare providers work in an age of technological convenience. Computer systems perform RCM-related work more efficiently than human clerks, reducing the risk of error, if not eliminate it.