4 Vital Steps to Enhancing the Revenue Cycle Management Process
Posted By Giovanna Stahl
In order for a hospital or healthcare institution to continue functioning efficiently, caring for patients, and maintaining the integrity of their administrative and clinical infrastructure, there must be a steady stream of revenue coming in. This comes from having an effective and efficient system for handling patient and insurance company claims, generating revenue, and managing payments, all simultaneously. Putting such a system in place requires that your healthcare organization utilize medical coding quality assurance, provided by professionals with experience and knowledge of up-to-date best practices in revenue cycle management.
ECLAT Health Solutions has been a trusted source of healthcare support for numerous institutions throughout the healthcare industry. Our goal is to assist hospitals, clinics, and physician’s practices by offering our skills in medical coding and billing, as well as consultation services. These efforts ensure that your organization or business sees a reduction in administrative difficulties and an increase in performance efficiency. To ensure this within your organization’s revenue management cycle, consider taking these steps below:
Maintain HIPAA Compliance Standards
The Health Insurance Portability and Accountability Act was enacted to ensure the privacy and security of our health information and records and has since produced a set of standards that all healthcare organizations must abide by. Doing so across the board has not only involved submitting patient and insurance documentation in an approved format, but also submits them electronically, thus maintaining their security and reducing the likelihood of record loss. Sticking to HIPAA standards also results in a smoother revenue cycle, with patient and insurance information flowing easily through admission and registration to the payment and claims reimbursement process.
Work With Reputable Service Providers
Over the years, medical coding and billing have become increasingly complex and expansive, a result of the widespread use of the ICD-10 amongst all healthcare organizations. The ICD-10 is integral to documenting patient diagnoses, which is further relied on for rendering accurate transactions for patient treatments and claims reimbursements. Keeping track of the innumerable transactions that flow through your organization can put a strain on both your administrative and clinical personnel. However, hiring a trustworthy RCM coding provider, such as ECLAT Health Solutions, will minimize the strain this causes, as well as allow your staff to focus on providing the best possible patient care.
Perform Pre-Admission Contact with Patients
A small but effective way to help improve the revenue cycle is to contact your patients prior to their appointments or procedures. When confirming the date and time of their appointment or procedures, this is the best time to inform them how they can best prepare for their treatment. Moreover, it is also the perfect time to ask whether they need to update any outdated pieces of information, such as if they have changed their insurance provider, or to discuss their preferred method of paying for their co-pay, such as paying with a credit card or by setting up a payment plan. This can help guarantee that your revenue cycle remains consistent, organized, and most importantly, transparent to the patient. As you work toward improving or growing your revenue, it is best to work with highly trained medical coding experts to ensure your healthcare organization and processes are as organized and effective as possible.
Maintain the Health of Your Revenue with Professional Medical Coding Quality Assurance Support
Your revenue cycle is intrinsic to the continued success and service of your healthcare organization, so you should continue improving and expanding certain aspects of its process, whether it be by updating and streamlining payment methods or maintaining a uniform format for all documentation to ensure ease of access and security. At ECLAT Health Solutions, we specialize in optimizing healthcare organizations in a variety of ways, including our services in medical coding quality assurance, medical billing, ICD-10 auditing, and many more. We aim to support the health care system as much as we can, allowing hospitals, practices, and clinics to care primarily for their patients than for their revenue stream.
Let our medical coding experts assist you! Fill out our form to discuss your medical coding concerns today.
Tags: International Coding, Medical Coding, Offshore Coding, RCM, Revenue Cycle Management, HIPAA, HIPAA Compliance Standards, medical coding quality assurance
