Revenue Cycle Tips

10 Quick Revenue Cycle Tips

Patient Related:

  1. Make sure patient demographics are clean.
  2. Verify patient eligibility before every encounter and determine the patient’s financial responsibility.
  3. Collect all patient responsibility at the time of visit (copays, deductibles, and balances).
  4. Define your financial policy regarding patient payments. Your office policy is critical to ensuring that all patients under-stand their responsibility and that your staff know what steps to follow to collect balances.

 Charge Related:

  1. Use a claims scrubber to generate clean claims for faster payment.  Make sure all vital information is on each claim and that coding is correct.
  2. Make sure charge lag time is less than 1(one) business day

Claims Related:

  1. Set up contracts for each payer to ensure claims are accurately paid.  Identify and appeal underpayments.
  2. Run a credit-card on file and charge patient cards as soon as the balance becomes self-pay.
  3. Follow on up on claims the same day they they take longer than expected to pay.  (ex. 14 days for Medicare, 21 days for UHC, etc.)  Electronically send claims status check that same day and queue for manual review.
  4. Endure that your aged receivables past 120 days is in the single digits (9% or less).  If it’s not this is a sign that something is wrong in your operations.

– James