The claims reimbursement process can have a strong impact on the health of the revenue cycle and an efficient billing office with an organized process for processing claims can help keep the revenue cycle strong. RevCycle Intelligence has put together top strategies for revenue cycle management and claim reimbursement:
Increase Up-Front Cash Collection
According to a study from Availity, 90% of physician practices considered the collection from a patient before he or she walks away as critical to revenue cycle success. The idea is to make sure the patient is well-informed well ahead of time to ensure that the patient is aware of what they are responsible for and that they can make better financial decisions. As deductible amount and out-of-pocket costs increase for patients, it is important to keep the patient financially engaged in the process.
Aim for Coding Compliance and Accuracy
Billing offices need to operate proactively, adverse to the norm operations of most billing offices today. Instead of reacting to rejections and denials from clearinghouses or payers, practices should first know if a patient is eligible before they even see the doctor. Checking eligibility days before a patient is seen is a proactive approach to preventing rejections and denials and keeps the practice operating more efficiently.
Connect the Supply Chain Dots
Having a close eye on the healthcare supply chain can help practices analyze high-cost items and to see what needs to be modified.
Promote Public Pricing Transparency
According to research from TransUnion Healthcare, three-quarters of 700+ surveyed patients said that they can more easily pay their bill with a front-end estimate. Giving patients information about their financial responsibility before an appointment can ensure that a payment is received in a timely manner.
Read the original article from RevCycle Intelligence here.