Sara, an independent practitioner, aims to offer exceptional services and patient satisfaction. And she was rightly doing so in her bustling city of New York. However, newly starting Sarah and her clinic struggled with one thing, and that was inefficient medical revenue management. This inefficiency took a toll on Sarah’s hard work and dedicated approach. She struggled with patient billing, insurance claims, and other opportunities that affected her chances of optimising her revenue. Ultimately, she started struggling with other problems like financial shortages affecting medical supplies and training her staff.
Sarah’s story is one of the best ways to understand the severe impact of poor medical revenue management. The same can lead to several other consequences, some of them being bad financial conditions, unsatisfied patients, billing inefficiencies, etc. In Fact, a report by CareCloud mentions how you might end up losing around 20% of your income due to the underlying billing flaws. Further, a report by the National Library of Medicine mentions that healthcare providers struggle to collect around 2% to 5% of their net patient revenue.
However, there is still a lot of confusion around the revenue cycle and its management. Be it small clinics, independent practitioners, or big hospitals, each one of these can benefit from RCM using the right tools, technology, and knowledge. And ultimately, it can improve your financial results.
If you’re also someone looking to learn more about medical revenue management in the USA, to strengthen your medical practice, then you’re at the right place. Read on as we explore everything about revenue management, its importance, and effective tips and techniques to strengthen your revenue management.
Revenue Management in Healthcare: What is It?
Revenue management in healthcare can be simply understood as the complete process that covers everything, including the financial and administrative parts of a patient’s care. Starting from their appointment to billing to insurance claims, revenue cycle management covers everything comprehensively. Result? Efficient healthcare revenue management is equal to a significant difference in financial security for both hospitals and patients, plus it improves operational performance, ultimately offering better satisfaction and treatment results.
Why Do You Need Effective Revenue Cycle Management
If you’ve read until here, you already have some idea about the importance of a well-balanced revenue cycle management. You already know how it significantly impacts and optimizes your financial stability. However, there is much more to RCM. Curious to know more? Have to look to understand what good an effective RCM can bring to you.
- Better Flow of Cash + Better Profits
With an efficient RCM process, you and your clinic need not stress much about the financial aspect of your services. For instance, Skyview Business Solutions, a reputed agency in the USA, settled everything for you and your business. Starting from consultation to patient billing, insurance claims, and whatnot, we aim to be there with you at your every step.
With such a management and expert team, you ensure your processes are accurately handled and services are properly reimbursed. With such management and other services like settled payments and more, you’re able to improve your cash flow and, ultimately, your profits.
- Claim Denials are Reduced and So are the Rejections
A part of proper healthcare revenue management is to also look over and verify patient eligibility, follow up on sincere claims, and more. With such robust cross-checks, you ensure to reduce claim denials. Ultimately, it helps with lowering your loss of revenue and fraud appeals.
- Levels Up Patient’s Satisfaction and Experience
A good healthcare financial management service also encourages clear and transparent communication with your patients. Here, healthcare experts can get to know their patients in detail, including their insurance, bill statements, expectations, and so on. With clear communication and patient-friendly treatment and billing, patients are better satisfied. Additionally, this also reduces their confusion over treatment bills and related details.
- Operational Performance Improves
Be it a big hospital or a small clinic, finance management is just one part of their overall work. These healthcare organisations also have to look over their operational efficiency and other procedures.
By trusting reliable agencies like Skyview Business Solutions, you can enjoy a variety of revenue cycle management services. This means your finance part is sorted, and you and your staff can better focus on patient satisfaction, overall care, and treatment effectiveness.
- Helps in Making Informed and Calculated Decisions
Proper revenue cycle management also includes finance reports, proper analysis, and related processes. Such information can be used by healthcare experts to understand their performance, trends, and other relevant metrics. Based on the same, you can make better, data-driven calculations and decisions to proceed accordingly.
- Better Planning and Opportunities
Proper revenue management services also give you deep insights into areas that need further improvement. For instance, you can see if your reimbursement aspect needs adjustments or do you need to expand your services.
Top 6 Tips for Revenue Management in the USA
Now that you know in detail how significant good RCM is, let’s explore some effective tips and tactics to improve your revenue management.
- Verification of Eligibility and Patient’s Registration is Important
To ensure your RCM process functions smoothly and works, make sure to do the necessary verifications. This includes collecting information on patients personal details, looking over their insurance coverage and its validity, and determining the financial responsibility of the patient.
- Communicatie, Communicatie, Communicatie
Next comes clear and transparent communication. Make sure to ask patients about their financial responsibilities, their deductibles, insurance coverage, payment potential, and other details. Also, try to offer them some clarity over their bills and other options. This will ultimately boost patient satisfaction and your reputation.
- Maintain Accuracy in Coding
Make sure to follow and be updated on the latest coding regulations. Now use the same to list your offered services. Also, make sure to be accurate in your documentation. It can help reduce the chance of claim denials.
- Have a Solid Denial Management Procedure
You can learn from your past mistakes or from your competitors and see their denial management cycle. Try and explore the underlying causes of denials and their trends, and see if you can make any suitable changes. This can help you decrease the chances of future denials and improve your reimbursements.
- Leverage Technology to Streamline Claims
Now to streamline your claim submissions, you can also use suitable technology. The same can help you with automation, which can ultimately reduce the chances of manual errors with no compromise in quality and precision.
- Consistent Staff Training and Education
Investment in training your staff and education is always a wise decision. By doing this, you can ensure that they remain aware and updated on the latest trends, coding rules, and other relevant procedures.
Conclusion
Managing finances, medical bills and revenue cycle, everything on your own can feel a bit tiring and overwhelming. Here comes business agencies that can help you with revenue management, so you work on your major operations. Skyview Business Solutions is one such agency in the USA that offers expert solutions and a professional team to take your business to new heights. From revenue cycle management to dental billing, from operational efficiency to digital marketing, we do it all, and we do it with quality.
Partner with us and see your business growing and thriving every day. Call us at 1800-102-4499 to request your consultation!