Revenue Cycle Tips pulled from the Medical Business Journal (MBJ)

Posted: Oct 01 2014

One of the most important aspects of a successful medical practice is the revenue cycle and knowing how to manage it effectively.

The revenue cycle management world is so tricky. Just because a physician provides excellent service, has a great bed-side manner, and is well respected in the industry doesn’t mean that their practice isn’t losing out on missed revenue opportunities. Here are some tips for revenue cycle best practice.

Patient Access:

  • Make sure the demographics are accurate.
  • Verify eligibility prior to patient’s appointment to identify financial obligation.
  • Collect all copays, deductibles, and balances at the time of visit.
  • Develop a financial policy regarding patient payments. Developing an office policy is important in ensuring that all patients under-stand their responsibility. Your policy should outline the exact process which will be followed, should the patient refuse to pay on their account.

 

Charge Capture:

  • Generate clean claims for faster payment by making sure all vital information is on each claim (e.g. accurate diagnosis, CPT, and modifiers).
  • Make sure charge lag time is less than 1(one) business day.

 

Claims Management:

  • Post payments accurately to ensure claim is paid at 100% of allowable. This can be accomplished by setting the fee schedule for each payer.
  • Patient responsibility billed as soon as it dropped to self-pay.
  • Claims follow-up should be within 45 days of open claim.
  • Aged receivables above 120 days should be 10% of your  total accounts receivable.

 

Click here to learn more about the Medical Business Journals (MBJ).

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