Revenue Cycle Management
By: Sharell Gregory, Medinex Healthcare Solutions
Does your practice fall short on increasing revenue cycle management?
Do you know your current Key point indicators? The most crucial overlooked national recognized point indicators in the healthcare industry are accounts receivables greater than 60 days, collections per visit, first pass resolution rate, and your net collection rate. About 62% of practices review delinquent claims, and about 50% of practices are within industry average of fewer than 20 days in accounts receivables.
Revenue cycle management (RCM) is the nucleus of your practice. Revenue Cycle Management is the process of mainstreaming work flow productivity, improving the accurate collection of patient’s share of cost at time of their visit, decreasing accounts receivable, optimizing insurance reimbursements by properly coding; hence, resulting in higher practice revenue.
Revenue cycle commences with the patients first contact with your practice, via telephone or in person. Properly trained staff obtaining pertinent patient demographics, efficiently educating the patient on their contractual obligation with their insurance company and informing the patient of their real time share of costs prior to their visit.
It is imperative that providers are up to date on coding guidelines, and proper clinical documentation to coincide with the claim being submitted. Many practices fall short in revenue by omitting the appropriate level of coding, modifiers, and associated diagnosis codes per patient claim. Proper RCM unifies administrative and clinical operations to receive timely and appropriate reimbursement.
Value-based payment models such as MIPS and MACRA are essential in the medical field. Legislation is continuously changing guidelines in the medical industry, as well as mandatory continued medical education. Medinex Heath Care Solutions is comprised of certified individuals with expertise in medical practice management, credentialing, certifying providers and practices, billing and coding services, updating, training and educating medical staff and providers, and reducing overhead costs.
Medinex Health Care Solutions is a physician-owned medical billing, consulting, and management company. It reduces lost revenue, bad debt, and allows practice managers, providers, and/or owners to focus more on the continuity of patient care.
Whether your need is to increase revenue, decrease accounts receivables, increase practice growth, restructure workflow, consulting, or keeping abreast on government compliance; Medinex has a solution. Please contact Medinex for a practice analysis at 407-233-3321 or www.medinex.com.