In any company or industry, implementing best practices can dramatically boost efficiency and productivity. Revenue cycle management is a perfect example and by simply taking into account a couple of simple yet fundamental steps, there are significantly better odds of improving revenue, reducing payer rejection, and plenty more.
Let’s begin with verifying insurance eligibility. This step should be taken care of when the patient checks in. Not only will it allow verification of insurance, it will also indicate the co-payment amount that needs to be collected.
Submitting claims on a daily basis is vital to ensure cash flow remains consistent and it reduces the chances of reaching a point where claims become overwhelming or unmanageable. By maintaining ongoing daily submissions, it reinforces better processing and submission centered around paying attention to the important details. On that note, prompt follow-up in the event a claim is underpaid or rejected will also ensure there are no concerns about making sure filing deadlines are met.
Lastly, make sure you’re reviewing code at least once a year for best—and current—coding practices. Guidelines may change and the last thing you want is to deal with a sudden overabundance of rejected claims because your coding is out-of-date.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as health insurance collections, please call 877-759-6315.