{"id":1384,"date":"2020-06-19T10:59:55","date_gmt":"2020-06-19T10:59:55","guid":{"rendered":"https:\/\/www.ecareindia.com\/blog\/?p=1384"},"modified":"2020-12-24T06:39:20","modified_gmt":"2020-12-24T06:39:20","slug":"how-to-optimize-healthcare-revenue-cycle-management","status":"publish","type":"post","link":"https:\/\/www.ecareindia.com\/blog\/how-to-optimize-healthcare-revenue-cycle-management\/","title":{"rendered":"How to Optimize Healthcare Revenue Cycle Management?"},"content":{"rendered":"
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\"Healthcare<\/a><\/figure>\n\n\n\n

Revenue Cycle Management<\/strong><\/strong><\/p>\n\n\n\n

Revenue Cycle Management<\/a> is one of the major processes in medical billing. RCM process is the primed for revenue improvement. RCM is the process of collecting and managing the business revenue from payers based on the services rendered. Successful revenue cycle management is required to keep up the financial viability. Let\u2019s discuss the revenue cycle management optimization.<\/p>\n\n\n\n\n\n\n\n

Medical Coding &\nBilling <\/strong><\/strong><\/p>\n\n\n\n

For a smooth revenue cycle, medical billing and coding should be done accurately and the claims should be submitted within the stipulated turnaround time as it directly impacts the practice\u2019s revenue. Medical coding updates make the coding process more complex, For this reason, the medical coder should be regularly updated with coding procedures for each payer. Accurate coding reduce claim denials rate.<\/p>\n\n\n\n

Eligibility Verification<\/strong><\/strong><\/p>\n\n\n\n

Eligibility verification is the most significant way to optimize the revenue cycle. Verifying the patient\u2019s coverage details with the payers is the initial step of revenue cycle management.  Any service rendered without taking an initial step of insurance eligibility verification, might leads to several complications to the billing company as well as their end client. <\/p>\n\n\n\n

Accounts Receivable Follow Up<\/strong><\/strong><\/p>\n\n\n\n

To maximize the practice’s revenue, you have to do patient follow up and denial management. Generate account receivable aging report. Based on that report, focus on the past due- receivables and act quickly with the help of the account receivable follow up team. Having consistent follow-up with patients enhances the reimbursement process. Denial management identifies the claim rejection reasons and resubmits error-free claims without any delays. The entire process is meticulously tracked by the AR follow up team until the claims get paid.<\/p>\n\n\n\n

Prior Authorization<\/strong><\/strong><\/p>\n\n\n\n

Prior authorization is one of the essential parts of the healthcare revenue cycle. Incomplete documentation and improper pre-authorization may lead to claim denials. Pre-authorization is the most important procedure to make sure timely reimbursement for services.<\/p>\n\n\n\n

Outsourcing Revenue Cycle\nManagement <\/strong><\/strong><\/p>\n\n\n\n

Outsourcing revenue cycle\nmanagement provides following benefits for medical billing companies <\/p>\n\n\n\n