Having good revenue cycle management, also known as accounts receivable management, is necessary for any medical practice that wants to keep treating patients. Unfortunately, many practices do not manage their finances effectively, resulting in outstanding payments and financial strain. By adopting good RCM strategies, however, you’ll be able to put your medical practice back on track. Here’s how:
Make it easier for patients to pay their bills
One of the biggest problems plaguing medical practices are outstanding payments. With patients covering more and more of their medical expenses, this a problem that has become ever more prevalent. Plus, if it’s difficult or inconvenient for people to make their payments, they’ll be less likely to do so. Instead, make payments as easy as possible by providing online payment options or credit card on file.
Keep track of regulatory changes
The healthcare industry changes every day, and before you know it, there will be a new set of regulations that your medical practice must abide by. It’s important to keep track of these changes so that you can adjust your protocols, workflow, and rules accordingly. Since regulation changes can occur at any time, at either the state or federal level, you should have someone in-house who can keep track of them on a regular basis.
Use technology to your advantage
Using the right technology can make a world of difference to your RCM. Having and/or updating your web portal, updating you’re EHR, and even acquiring artificial intelligence (AI) systems can dramatically improve the productivity and efficiency of your workflow.
Provide transparent financial counseling
Many patients simply do not understand everything there is to know about medical billing. As a result, mistakes and miscommunication can abound. In order to cut down on errors, your practice should provide transparent financial counseling in order to answer any questions or concerns your patients may have.
Here at Medical Revenue Associates, our personalized medical billing services can help you improve your revenue cycle management. Give us a call today at 215-497-1001 to learn more.