Revenue Cycle Management

Revenue Cycle Management
Revenue cycle issues are problems for most medical practices at one time or another. Changing contracts and reimbursement rules, or new providers, services, staff, and management – all impact a practice’s revenue cycle. Everyone has heard the horror stories - the front desk staff employee who uses the same insurance to register every patient, the billing staff member who is stealing co-payments, the insurance contract that was negotiated incorrectly and now the reimbursement for one of the practice’s most utilized service has been significantly reduced, the billing person who writes off money that can still be collected, and the clearing house that never gets the claims to the insurance carrier for processing.

The revenue cycle starts when a patient is scheduled for an appointment and ends when the service(s) rendered at that appointment is(are) fully paid. Problems occur at almost any point; including, but not limited to – patient registration and insurance verification, billing and coding, payer mix, accounts receivable follow-up, account write-offs and credit balances created from possible payment posting errors. Each phase of the revenue cycle that is left unmonitored is a possible revenue drain for the medical practice.

How do you avoid having these things happen to you?
Our experienced practice management consultants can perform a focused or comprehensive practice assessment to identify opportunities to increase income and physician productivity by focusing on critical elements that impact reimbursement, overhead and billing/collections.