Managing revenue cycle management in this time of crisis is not very easy. Healthcare organizations and medical billing services face many problems every single day. Once they cater to a problem, another one arises, and this situation is going on for a long time now.
The changing requirements from healthcare officials and leaders to deal with the “not so easy” financial situation is getting challenging day by day. The additions are making things streamlined or worse, we can’t say that. However, the regular administrative burden must be handled, and clinicians are relying on medical billing outsourcing companies for that.
HIPAA-compliant billing, data structures, and hierarchical disparate systems add additional pressure to the crumbling financial disputes; collaboration among all stakeholders seems impossible, and the healthcare industry needs a remedy to fix all these issues.
To gain financial stability and reduce accounts receivable, physicians and billing services should consider the following factors.
Be Intelligent with Using Resources
Succumbing to the financial disparity is not an option. Therefore, streamlining each process is imperative to maintain financial dignity. Physicians can’t handle the administrative burden to compile clean claims, thus they need effective strategies to share their load.
Of course, outsourcing medical billing services is a smart way to achieve this goal. They have a professional team up and running with the other technological resources to improve revenue cycle management.
Timely follow-ups, performance audits, and other such responsibilities can reduce the financial lag.
Enable Technology to Improve Revenue
QPP MIPS allows eligible clinicians to improve their revenue with certain percentages and even rewards them via incentives and bonuses each year for exceptional performance. Participation is a must otherwise, medical practices can get a penalty and a bad reputation.
MIPS data submission is also important to improve your chances of revenue. A good reputation gets you a lot more patients, and with quality healthcare services, you can actually receive maximum points in the end. A MIPS Qualified Registry is there to help you with the process.
Enabling technology, integrated systems, and upgraded data storage systems not only make your work streamlined but also makes communication much faster and easier without data redundancy or the threat of data theft.
Different teams as medical billing services, patients, and doctors can interact timely and easily for maximum efficiency. Transparency is another factor that can be boosted with technology incorporation in already available platforms.
Implement a Patient Portal to Your Medical Practice
Another way to improve revenue cycle management of your medical practice is to implement a smart patient portal. It is a replica of a profile where medical billing services post relevant information, mostly finance-related.
So, if a patient has to pay “out-of-pocket” expenses, they can be updated from time to time easily, paving an easy way for high collections. Even payment settlements can be made easy, and even patients can be empowered as they would be involved in almost every step of the medical billing and coding.
Going higher the system, artificial intelligence and natural processing make work easier and reduce the chance of error. The technology doesn’t require a specific system to upgrade, but just a system that adds value to the healthcare process.
Make Documentation a Priority
The higher rate of denied claims in our industry is very unfortunate and makes physicians leave hundreds of bucks on the table. There is no denying the importance of professional medical billing and coding services. Documentation of every case with accurate and detailed data makes up for the loss and inefficiency that denied claims leave behind.
The invalidation of work before sending the claims costs much, and it is not a physician’s job to check everything.
Conclusion
Expand your practice with data-driven strategies, starting by hiring a billing company that reflects performance, quality measures, and up-to-date billing practices, which are all crucial for revenue exuberance.
Moreover, technology reliance is also crucial for progressive revenue cycle management. We have to understand that inefficiency in any matter can lead to permanent damage. To avoid such issues and to move forward, medical practices must invest in tricks that result in improved patient outcomes. such as in QPP MIPS.
