When it comes to improving the quality of revenue cycle management (RCM) in medical billing you need to keep certain checkpoints in mind. The revenue cycle management process involves several steps that require close attention to optimizing the process.
By taking care of such processes several medical billing service companies helped many medical service providers optimize the revenue cycle management. Check out the following list of quality checks that are important to improve one’s revenue cycle management process.
Insurance Eligibility
This is the primary step of the quality check of RCM medical billing. Through this, you will be able to check the required and proper details regarding insurance coverage. According to this, you will understand how much percentage is covered by the payer and the amount that will be taken care of by the patient.
Auditing Medical Coding
As known, medical coding services play a vital role in the overall process of RCM medical billing. Any errors in this step can cause trouble later on. Hence auditing the process of medical coding can save several loopholes and improve RCM medical billing.
Tracking AR Days
You need to be aware of the AR days being taken to ensure inward cash flow or reimbursement. AR is an important process of keeping a constant follow-up of claim denials and claim rejections.
Avoiding Low Paid Claims
It is important to keep monitoring the charged amount with respect to the paid amount. If low-paid claims get ignored, they will result in huge revenue loss.
Write-off
Write-offs are done when you are paid less than the contracted amount. It is important that you take immediate actions to resolve them. This will benefit you in terms of optimizing your RCM medical billing.
Knowing Your Claim Denials/ Rejection Rates
You need to know the percentage of claim denials and rejections that you have faced with respect to pay claims. This will give you clarity requiring the claims you need to work on, the outstanding amount, and ways you can bring in your reimbursement.
Ensuring Physician Credentials
Physician credentials are an essential requirement for any claim to be processed. The absence of the same will result in claim denials. Hence it is necessary that you ensure physician credentials are renewed in a timely as per requirement.
Outsourcing Revenue Cycle Management Process
To get optimum results in RCM medical billing it’s better you outsource your revenue cycle management process. Leaving your RCM in the hands of experts you will see visible results. This includes reduced claim denials and rejection rates, effective AR follow-ups, and faster achievement of reimbursement.
If you too are interested to see such optimum results with your RCM, check us out.
