Work flow of the Revenue Cycle Management

Medical practices are facing changing landscape of reforms and policies which compel them to get the way they can easily manage their revenue cycle.

Work flow of the Revenue Cycle Management

The health care providers all over the country are facing the financial influences of the regulatory and compliance changes, economic shift, increased competition, technology requirements and advancing managed care. They deliver unified incorporation and allow the healthcare organizations to modernize operations, raise productivity and eventually improve financial and performance outcomes. Medical practices are facing changing landscape of reforms and policies which compel them to get the way they can easily manage their revenue cycle

Competently working appeals and denials is important in the current environment, where decreasing payer reimbursement considered it authoritative. With the mechanism of operative workflow in place.

Examination of the current management system before health system and hospital administrators replace their RCM systems, they must have to take a critical look at what they have and to regulate if a complete renovation is required or if they could improve their existing system. Hospitals must also assess that how much money they have receivable in their accounts and control how they will decrease that amount before starting the process of system replacement.

Planning and testing of each process Providers must have to test about general planning from the legacy system to the new system, and they have to conduct live testing with their peers to assure that the payments are coming properly. Hospitals which do not test thoroughly normally run into concerns with allowances. Consider how long providers would take to test, planning and carry out the implementation.

Training of the staff the first and the easiest feature were to train the staff members about the usage of the application. The next was to get the patients and staff speedy on the new workflows.

                   

Solution of common problems

Revenue cycle management is important to run a successful practice, but filing claims to payers without having them deprived of and collection of bills in an appropriate manner is not always an easy task.

To help to reorganize the procedure, there must be defined difficult issues for the medical practices and the way to fix them.

Establishment of workflow consistency

The successful practice requires establishing reliability in the process of its workflow to improve the revenue cycle management. There are a lot of workflow issues which a practice must have to resolve for the efficiency.

Central scheduling works towards the efficiency of practice for example, helping out the office managers to notice that how many staff members are required, make certain about insurance companies, pre-register patients and etc.

Services which are pre-encounter can take care of the financial issues of patients before entering into the examination room, releasing stress for physicians, patients and office managers alike.

Tips to maximize

There are different ways which helps to maximize the technology in your daily routine workflow;

·        The adoption of successful technology and integration depends on the solutions which fit flawlessly within your existing workflow to let you to get paid accurately and quickly.

·        All of the staff members play an important role in the practice of the revenue cycle from the front staff, whose duty is to inform the patients about payment policies, to the clinical staff and providers whose duty is to document charges, to the billing office which completes the billing cycle.

Include your staff in education with organizations so they will get more prepared according to the changes occurs in the industry i.e. ICD-10 and the additional technology solutions which become available.