Category Archives: Revenue Cycle Management

4 Tips to Improve Your Revenue Cycle Management

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

4 Tips to Improve Your Revenue Cycle Management

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.

How Rural Medical Practices Can Overcome Revenue Cycle Challenges

Every medical practice has their own revenue cycle challenges. Rural medical practices, however, often have to endure a unique set of challenges due to their socioeconomic situation. These challenges can lead to rural healthcare facilities losing money and even shutting their doors entirely. In areas where the next doctor is often miles away, it’s important…

What is Revenue Cycle Management?

One of the most crucial aspects of managing a medical practice is to ensure that the finances are in order, something that is critical for being able to maintain the operation of the medical practice. Revenue cycle management (RCM) is another terminology for Accounts Receivable, or the collection of insurance carrier and patient payments which…

Medical Revenue: Planning Your Service Charges with the Medicare Physician Fee Schedule in Mind

The Medicare Physician Fee Schedule (MPFS) applies to healthcare provider services such as office visits, lab work, types of therapy, surgical procedures and more. It gives providers guidelines on what Medicare will cover for services and how much it will reimburse the provider. Medicare Physician Fee Schedule Rates The rates are determined based on input…

SGR (Sustainable Growth Rate) delays – again!

Why isn’t Congress supporting our healthcare providers? Every year we go through this agonizing time frame of facing a 20% cut in Medicare payments, while Congress constantly bypasses their responsibility. Congress can’t be penalized for their lack of appropriate actions, so they do what is in their best interests. Typical political selfishness. Our government expects our healthcare providers…