Best Practices in Revenue Cycle Management for Physician Practices and Medical Groups - I-conic Solutions

Best Practices in Revenue Cycle Management for Physician Practices and Medical Groups

  •  Healthcare providers are currently battling refusal rates of up to 40% of their overall payments, according to the American Medical Association. Even though 70% of these refused claims may be upheld on appeal, the cost of the works and modifications adds significantly to the overall costs and decreases profitability.
  • Up to $100,000 in annual revenue per physician is wasted as a result of poor revenue cycle management. The payout of reimbursements from payer to provider takes an average of 45 days. The chances are stacked against healthcare professionals, who are diverted from their primary duties of providing patients with high-quality care. 

Importance of Revenue Cycle Best Practices

  • Healthcare providers must create a strong programme that can handle the complexity of the revenue cycle process in order to obtain the best results in RCM. They must put measures into place to increase code and documentation accuracy, decrease inefficiencies, and streamline procedures. 
  • Additionally, providers need to make investments in software for practice management, revenue cycle management, and electronic health record systems, which can automate many RCM activities. Healthcare providers can boost their financial results and concentrate on giving patients high-quality care by implementing these strategies.
  • To modernise an organisation’s revenue cycle and enable better revenue input and more successful reimbursement collection, healthcare professionals and practice administrators can follow the advice in this white paper. 
  • These best practices, which are organised according to the part of the RCM value chain they pertain to, are implementable, and the document includes very specific metrics that may be used to evaluate their success.

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