In order to maximize your revenue cycle management, the best solution is to work closely with an expert in order to ensure the long-term success of your health care practice. Working with an expert will provide effective techniques to increase your monthly cash flow and maximize your reimbursements while still conserving your resources and streamlining daily procedures.
Maintaining data integrity
Strong documentation is the first step in ensuring optimum revenue cycle management; effective payment collection is only possible by maintaining spotless records. A proper management expert will review all the patient forms and requirements for information to make sure that all the data given meets or exceeds the needs of the medical practice in the event of an audit later on.
An expert in revenue cycle management will also understand that proactive patient pre-screening is the optimum way to avoid disaster. Collecting co-pays is much easier from those patients who have been correctly verified prior to admission. As any health care practice can attest to, attempting to collect after the fact is a massive drain on existing resources.
Another key element in successful revenue cycle management is to maintain regular and open communication, not just with the major insurers that your health care practice deals with most often, but with all insurance companies. Positive relationships will lead to more optimum payment negotiations; your revenue cycle manager must be able to manage people and relationships as well as they can crunch the actual numbers.
Pinpointing relevant information
An efficient revenue manager will easily be able to tell the difference between that information which is relevant to collecting revenue, and that which is more useful for marketing, and use both types of data accordingly. Effective data mining is essential for managing personnel resources to the highest potential of each individual department.
Understanding the big picture
The entire staff is involved with effective healthcare revenue cycle management, from administrative staff to physicians and everyone in between. Communication extends far beyond just the patients and their insurers. Understanding the holistic nature of fostering positive camaraderie within the office will only lead to more smoothly run operations and a greater rate of successful collection.
Proper utilization of staff
Making sure that each staff member is accurately aligned with the needs of the practice, as well as making the most of their individual talents, is also essential to maintaining successful revenue streams. Staff should be placed according to where their strengths will be used to the highest benefit to all, the individual and the practice alike. Shoring up weak areas through continuing education and uptraining is a worthy investment that will pay for itself many times over down the road.
Managing your team
Finally, the best manager is one who understands that the job of revenue management is not theirs alone, but that they instead are a facilitator and the real work happens as a team. Minimizing dysfunctional relationships within the office and focusing on using each team member to the best of their ability will not only ensure more streamlined revenue cycle management, but also make for a happier work place.