The success of healthcare practices can be partly attributed to reliable revenue cycle management. This is why streamlining the entire process must be one of an organization’s priorities.
Like any other organizational process, though, the revenue cycle is not without issues. Fortunately, there are proven ways to resolve them. Once these conflicts are out of the way, you can expect more satisfied patients, less stress in the workplace, and a more successful healthcare practice.
Is the Patient Really Eligible?
One of the most critical steps in wisely managing your revenue is verifying if a patient’s’ claim of eligibility is true. Otherwise, you may be running the risk of getting ripped off. Don’t be one with the one-quarter of practices that do not even bother to check on the copay amounts and eligibility of a patient until after the patient has left.
To solve this, you can install real-time automated tools for you and your staff to use and check the accuracy of eligibility claims and copayment amount right at check-in.
Not Monitoring the Claim Process
Failure to monitor the entire claim process amounts to failing to identify any issue that may have happened at some point in the cycle. You can’t solve a problem you don’t know about. Unresolved claim issues result in high administrative costs and lagging accounts receivable. To avoid these undesirable effects, timely and thorough follow-up must be implemented.