Your practice needs to collect every dollar that it can, but many practices are so busy staying afloat that they don’t have time to develop a strategy that brings their practice’s financial health into the future. Despite technology’s improvements, the revenue cycle management process doesn’t seem to be getting easier. Finding opportunities for efficiency and engagement of staff and patients alike can play a crucial role in improving your bottom line. Here are five points to focus on when it comes to breaking the survival cycle for your revenue cycle.
Focus on: Managing Claim Denials
If you’ve noticed that payers are issuing more denials recently, you’re not alone. Efficiently managing claim denials can make or break your billing workflow, not to mention your revenue cycle.
Focus on: Staff Engagement
Focus on what you can do to help your entire staff to become key players in your practice’s billing and collections plan. From the front desk to clinicians, a cohesive workflow works.
Focus on: Patient Engagement
Price transparency and providing upfront support in our first interactions with patients have become key to a better patient financial experience, especially when patients are so easily able to shop around for services.
Focus on: New Regulations
Changes abound in the world of healthcare billing regulations. Be proactive about payment rules, regulations, and payer notices and analyze how they might change your practice’s policies.
Focus on: Finding Professional Help
Billing is time-consuming and complex, but without the proper attention to your billing process, your practice can easily lose out on thousands of dollars in reimbursements and may not even stay afloat. Professional services like MacPractice Business Services can reduce rejections and denials, increase collections, and get your accounts receivable under control. Alleviating the burden of billing and coding can result in more money for your practice and more time for your staff to focus on other tasks. Our mission is to enhance profitability for healthcare professionals through savvy revenue management and steadfast customer service. Request a quote to see if our services are right for your practice.