Ineffective revenue cycle management technology can lead to disrupted cash flow and negative profitability.
According to a study released by market researcher, Black Book, approximately 72% practices (whether running independently, in a network or as a part of a large hospital system) expect a sharp decline in profitability in 2014 due to inefficient or underutilized billing technology.
- 86% of business managers believe their RCM technology will be unable to accommodate future regulatory updates.
Practices need to improve revenue cycle efficiency at every patient/provider interaction. From initial contact and clinical documentation to collections, a robust revenue cycle management technology is required at every phase that will address critical margin challenges faced by physicians in today’s reimbursement environment.
If you don’t plan on upgrading the billing and collections system of your practice, it will either cause your practice to dissolve or result in the sale of your practice to a hospital or large physician group. Don’t want this happening?
- Make sure your RCM technology is update or else it will affect the claims processing, payment and revenue generation process adversely
- Only with the latest RCM technology, you will be able to keep track of the claims process at every point, following the billing process and addressing issues, if any, to ensure timely payments
- Quality RCM technology will help in ensuring speedy collections and address claim denial issues that cause approximately 90% of missed revenue opportunities
- It will also help in determining patient insurance eligibility and co-pay collection to code claims in a proper manner, post ICD-10 implementation
- Efficiency and time management is extremely important for effective revenue cycle management and this can be made possible only when the latest technology is being used
How to enhance your revenue cycle?
Your practice can get paid in a timely manner only when your revenue cycle management is in place. Gathering data and using updated, correct CPT, ICD and HCPCS codes is extremely important to enhance the revenue cycle efficiency. You will have to hire certified coders and staff having in-depth knowledge of billing and medical terminologies. They will not only require the latest electronic health record system but also need training on a regular basis.
Hiring inexperienced coders, billers and staff with limited knowledge can prove dangerous for your revenue cycle. If you want to eliminate the headache of hiring, training, buying health IT, following-up with insurance companies and other administrative tasks, seek assistance from a reputed medical billing company.
Companies like Medicalbillersandcoders.com have a team of skilled billers and coders who are proficient in managing revenue cycle of medical practices. MBC has been offering revenue cycle management and solutions to practices across 50 states in the US. Our team is skilled in scrutinizing various stages of RCM and identify issues that cause inefficiencies and revenue leakages. You can rely on us for timely and error-free claim submission, maximum revenue generation, HIPAA compliance, reduced claim denials and effective implementation of electronic health record system.