Category Archives: Revenue Cycle Management

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 to properly address these challenges in order to keep providing your services to the people who need it the most.

Provide multiple payment options to overcome socioeconomic disadvantagesHow Rural Medical Practices Can Overcome Revenue Cycle Challenges

In general, rural populations tend to be older, sicker, and poorer. The population is also significantly smaller, and typically lack health insurance. In order to bring in revenue, then, you must make it easier for your patients to pay their bills. This means providing multiple payment options through credit card on file or online patient portals.

Be sure to follow up on outstanding payments

While no one likes to harass others for money, it’s important to make sure that your patients make their payments. Offering multiple payment options as suggested above is one avenue, as is retraining your front-desk staff to remind patients of their outstanding balances. You should also make sure that there are consequences if a patient doesn’t pay their bill so that they’re more likely to pay.

Use technology to make up for a smaller staff

The healthcare industry is starting to turn towards a value-based care system. While implementing certain IT infrastructures and updating billing software can be costly up front, it’ll often pay for itself in the long run by making your practice more efficient.

Revenue Cycle Management can be a complicated process, even more so for rural medical practices with limited resources. In order to help your medical practice meet these challenges, then, make sure you have a qualified medical billing service for your practice. Contact Medical Revenue Associates for more information.

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…