Improving Your Revenue Cycle Management
With Main Street Medical Consulting
While you might not like to think of your practice as a business, it is one, and it needs to function like one. Caring for your patients will always be your main focus. In order to care for them, you need a facility in which to treat them, a staff to help make sure their needs are met, and the diagnostic and treatment supplies and tools to get them to wellness. All of this, takes money and having the money to use when you need it is critical. This is why your revenue cycle management is so important.
When we first meet with a practice, our experts take a deep dive into the day to day management of the front office and billing cycle. Often, we find that there is a lack of emphasis on this area of practice management. Whether the staff understands it or not, this lack of attention, is costing them time, money, and impeding their ability to offer the very best care to their patients.
Just like a team of doctors and clinicians, after we’ve diagnosed the problem or problems, we work with the practice to treat and remedy them. With a bit of organization, training, and attention to detail, the issues affecting the revenue cycle management are treated and the practice can once again run efficiently.
Common Maladies that Impact Your Revenue Cycle Management:
Lack of Training
Probably the most simple challenge is a lack of front office staff training. Front office staff should receive training in the proper ways to ask for money, insurance information, and taking payment for outstanding copays before the doctor sees the patient again. This training is important because it helps to keep your practice ahead of your revenue cycle, rather than scrambling after it.
Our experts in revenue cycle management can help you educate and train your staff about the process, how to explain the process and options to your patients, and improve upon your efficiency.
Health insurance is an industry unto itself, and one that is changing rapidly. Training the front office personnel to understand these changes and how they affect the patients and their ability to receive or pay for care before they see the clinician or physician, can help prevent situations where the cost is greater than the patient’s ability to pay for it.
Without the proper filing of claims, they can be denied, and a delay in the reimbursement of funds used to treat medicare patients. By paying attention to which claims are denied and why, an office can work to train the staff in the office to spot these reasons, and to gather and report the detailed information accordingly. This ensures that reimbursements are received on time, meaning that you can count on that revenue for practice management and improvement.
Lack of Frequent Reporting
Even when practices have and utilize an Electronic Health Record (EHR) system, quite frequently we find that the staff either doesn’t know how, or that they should pull frequent reports to give clarity into the revenue cycle and allow for it’s proper management. Pulling reports frequently will help identify potential problems before they become crippling. It will help to show potential red flags, like fluctuations in productivity, whether vendors are being paid on time, and the rate at which supplies are being ordered.
Main Street Medical Consulting offers a useful tool to clients, dashboardMD, which is a robust cloud based dashboard with built in, or turn key reports to help your practice maximize efficiency based on insights and intelligent data.
Not Utilizing an EHR to the Fullest
Having an EHR system is not enough. Staff must receive training on the system in order to learn how to effectively use the system. When using a practice reporting software tool, your front office team can begin to learn your revenue cycle, when you submit claims, when you are reimbursed, when and how long it takes for the claims to be paid from each payer, etc. Learning the different pieces of this cycle will help them spot changes, identify areas for improvement and more.
When you partner with Main Street Medical Consulting, you are partnering with medical billing specialists and gaining access to the training, consultation and support to run your front office efficiently and improve upon your revenue cycle management.