Revenue cycle Management Best Practices
Any day is a good day to feel thankful. Over the years BillingParadise has been featured in top publications, ranked amongst the best revenue cycle management companies, and become a byword for groundbreaking billing services.
Today we’ve shared a list that compiles all the revenue cycle management tips suggested by BillingParadise that have been published in the premier healthcare publication, BeckersHospitalReview.com.
On risk adjustment strategy:
Hospitals confront tough challenges in delivering better health outcomes with lower medical costs while maintaining CMS regulatory compliance and optimizing revenue. [Therefore], planning a competent risk adjustment strategy and deploying right population health management systems with some professional advice becomes imperative. This helps to automate workflow and data sharing, manage compliance, optimize revenue with accurate HCC codes and improve [Overall Hospital Quality] Star Ratings altogether.
BillingParadise conducted a webinar on “Risk Adjustment Fraud! Not Just Another “F” Word, Is Your Practice At Risk For An Audit?”. In case, if you would like to listen to the Video please click here
On co-Sourcing:
This co-sourcing is a better option for the healthcare organization that wants to outsource and [also] closely monitor their outsourced RCM operations by making use of one of their internal resources.
Recently we had tested this new Co-Sourcing (a) Co-Managed Revenue Management process at one of the Urgent Care Practices in Florida. And it has worked really well and the practice’s owner appreciated the entire RCM team (at BillingParadise we had deployed 10 resources and, two of their in-billers were also part of this Co-Sourcing Model). We came up with a write up on, Hospital RCM outsourcing Check list including this new set up. Go through the article here.
Write to info@billingparadise.com in case if you would like to read the Case Study of that Urgent Care Clinic from Florida.
On AR Management Automation:
To reduce the downward pressure faced by medical practices it is important to automate the complex and time-consuming AR management process. It reduces the costs involved in receivable processing and provides a wealth of AR data that serves as a continual feedback loop.
Automating the AR process leads to a repetitive process that can be easily monitored as opposed to fragmented bits of AR information that are scattered across the organization. It also leads to quicker AR cycles.
BillingParadise’s RCM professional Erika Regulsky written an article on AR Automation for Hospitals couple of years ago(2017). Surprisingly still it is the need of the hour for hospitals when it comes to AR. Have a look at the article here
On patient access strategy:
A robust patient access strategy is inevitable to thrive in the value-based care environment. To eliminate patient access hurdles hospitals must focus on automating pre-authorization, payer policy maintenance, benefits verification and securing authorization.
Lack of centralization in pre-service activity, inconsistent processes, lack of knowledge in payer plans, manual patient data entry challenges in pre-authorization screening and verification are the root causes of claim denials. Nearly 49 per cent of denials are due to front-end revenue cycle inefficiencies. Hospitals must automate their patient access processes to optimize their revenue cycle.
Why BillingParadise?
- BillingParadise has been ranked one among the top 210 Healthcare Revenue Cycle Management Companies by BeckersHospitalReview.
- Listed as one of the top 20 Medical Billing Services in 2019 by BuinessNewsDaily.com
