A Series Of Equal Cash Flows Is A N Managing the Revenue Cycle

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Managing the Revenue Cycle

The ultimate goal of revenue cycle management companies is to provide exceptional medical billing services to their clients, thereby increasing revenue. While they burn the candle at both ends to ensure a seamless medical billing service, mistakes happen for a number of reasons. As a result, managing the right revenue cycle has become a difficult task for RCM companies. A tightly-integrated, seamless medical billing process flow that contributes to positive cash flow revolves around various components, which are described below:

• Technology: Among the many factors that affect the flow of the revenue cycle management process, technology ranks first. From entering patient demographic information into billing software to electronically transferring claims to automated claims resubmission and posting payments to the billing system, it plays a critical role. Therefore, technology has to be updated frequently for seamless medical billing process flow and proper revenue cycle management.

• Accuracy: Performing medical billing services accurately is just as important as performing them quickly. Initial procedures like medical coding and charge entry require a lot of care. If errors are found, they are reflected on submitted claims, resulting in rejections. Therefore, accurate patient data entry, coding, billing and claims processing are critical for good revenue cycle management.

• Shared responsibility: From management to billing staff, all employees should share equal responsibility in the ups and downs of the revenue cycle. They should explain how each contribution affects cash flow.

• Prioritization: When claims are rejected, they have to be immediately analyzed and corrected for re-submission. When revenue cycle management companies fail to act proactively, they accumulate as a backlog. The best solution to keep the cash flow uninterrupted is to adopt the ‘FIFO’ or ‘LIFO’ method, which prioritizes the oldest to the most recently rejected claims based on requirements.

• Adapting to changes: It is very important for RCM companies as well as healthcare providers to adapt to the changing healthcare trends. ICD-10 implementation and HIPAA 5010 migration are some of the changes, which have confused the usual RCM process flow. If medical billing companies adapt quickly to these healthcare changes, the revenue cycle remains unaffected.

• Monitor payments: Be it insurance or patient payments, monitoring is essential, as they directly impact the revenue cycle. Posting payments is just as important as monitoring. Hence, a dedicated team must be appointed to take care of payment monitoring and posting for positive cash flow.

Revenue cycle management companies will find it difficult to control all these factors in addition to providing medical billing services to their clients as they face difficulties especially in terms of recruiting and training billing staff. So they can take help from reputed offshore vendors like e-care India.

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