How to manage Hospital Revenue Cycle ?

Revenue Cycle Management companies have a goal to provide phenomenal medical billing and coding services to their clients and need to show random increase in their revenue profits. Continuously maintaining proper revenue cycle has become a difficult task for RCM[Revenue Cycle Management] companies. To get A smooth medical billing process flow, which will provide positive cash flow, we need to follow below factors.

• Technology
• Accuracy
• Shared Responsibility
• Prioritizing
• Adapt to Changes
• Monitor Payments

1.Technology is one of the factor which is going to show huge impact on RCM process flow. It will play major role in right from starting the patient demographics information in to the billing software, submitting claims both manually and electronically. Technology is very useful to RCM Companies in automatic resubmission and posting payments on to the medical billing system. Then, technology needs to be frequently update for smooth medical billing process flow and to maintain appropriate revenue cycle management.

2.Accuracy is one more important factor which needs to perform medical billing services accurately. Basic Process like medical coding and charge entry needs huge care. In case any errors occur, they are going to show affect on claims submission, and same as results are going to be disapproval.

3.Responsibilities needs to be share equally from management to billing staff in this revenue cycle management.

4.When any claims rejected, they have to be analyze immediately and sent back for resubmission. Those claims called it as backlogs when RCM companies fail to react directly. Need to follow LIFO or FIFO methods based on the situation.

5.Adapting the changes which are coming newly from Medical billing industry. This is very important factor from revenue cycle management and healthcare providers.

6.Monitoring payments is important whether is it from insurance or patient, because these will show direct impact on RCM cycle. Dedicated team is very important to post payment updates.