Medical offices and other facilities need a steady flow of cash in order to continue to provide quality healthcare for patients. This requires solid revenue cycle management (RCM) to ensure services are billed properly and payments are coming in. If your revenue cycle is struggling, there are steps you can take to help stabilize your income and ensure you can continue to operate for the benefit of your patients.
Outsource Your Billing and Coding
One of the biggest stumbling blocks for healthcare facilities is in the way their services are billed. Few industries operate on a premise of providing service first and receiving payment later. Because many patients are covered under their health insurance, this is often the case, minus the copayment sometimes required at the time of service. In addition, insurance companies are typically protective of how they make payments, which means you need to make sure any bills sent are accurate and complete. Hiring out your billing and coding will reduce the number of errors and help balance your healthcare RCM.
A Solid Paper Trail
In order to maintain a strong healthcare RCM, you need a paper trail that can be followed, particularly in the case of an audit. This paper trail can provide the information you need to track billing and make sure items are being paid in a timely manner. For anything not paid by the insurance, billing can then revert to the patient as per normal practices. This will ensure your revenue is properly tracked and you can easily identify where you are losing money.
If you need help with your healthcare RCM, visit the GeBBS Healthcare Solutions website to explore the many services offered.