These automated processes ensure you use the most accurate codes to safeguard accuracy, maximize revenue, minimize risk, and contribute to your patients’ financial well-being.
Decision 3: Embrace revenue cycle management to optimize your practice’s financial performance
The business revenue cycle for your practice involves 3 different areas of the patient lifecycle:
- Patient scheduling, registration, and treatment
- Claims processing
- Payment collection
Thinking about how revenue relates to your relationship with your patients may be uncomfortable. Still, the reality is they know there is a fee for your services. Offering as much transparency and information as possible around what their insurance will and won’t cover can empower them to make informed decisions about their care.
Ensure the front office collects active insurance information for each individual when they register as a patient and check in for an appointment. Automated billing processes incorporate relevant patient insurance information with a myriad of billing codes. Using the technology gives you a picture of what the insurance will and won’t cover as you enter treatment codes. This opens up the opportunity for honest dialogue with your patients.
Decision 4: Will you drive informed decision-making by leveraging business intelligence?
Understanding the efficiency and effectiveness of your practice is more than anecdotal. It’s essential to have hard data at your fingertips that will provide valuable insight, expose opportunities for improvement, and highlight areas that are going well.
Using technology to find trends by analyzing defined metrics allows you to focus on and prioritize areas you want to change or improve.
Learn revenue cycle management from an expert
If revenue cycle management still seems overwhelming, you might consider turning to an expert. On Thursday, May 4, 2023, Elizabeth Woodcock is hosting a free webinar titled “Optimizing Revenue Cycle Management for 2023: Strategies to Minimize Claim Denials and Achieve Clean Claims.” The webinar will stream live at the following times:
- 1:00pm ET
- 12:00pm CT
- 11:00am MT
- 10:00am PT
- 9:00am AKDT
- 8:00am HDT
- 7:00am HST
This much-anticipated session will cover:
- The current state of the industry
- How to handle the pressure from the surging demand during a staffing crisis
- Effective strategies to navigate ruthless insurers and minimize claim denials
- How to identify and solve reimbursement challenges from the conclusion of the public health emergency
Reserve your seat and gain valuable insight into how to improve your revenue cycle management.
Don’t panic if you can’t attend the live webinar or stay for the whole time. There will be a recorded replay available in Tebra’s online resource area.
Revenue cycle management doesn’t have to be overwhelming
Taking advantage of viable technological solutions will make evaluating your practice’s position in your revenue cycle easier. Determine how efficient and effective you and your staff are being so you can ensure happier patients who will have a long-term relationship with you as their provider of choice.