The Core 5: Essential Strategies to Make your Revenue Cycle Journey a Success
- SolvEdge
- Apr 12, 2021
- 4 mins read
Clinical efficiency is the cornerstone of any Hospital or Medical Practice. Healthcare organizations need to constantly innovate new strategies to improve patient engagement and satisfaction, while reducing costs and minimizing errors.
To achieve holistic results—clinical, financial and operational outcomes, organizations need to ensure that an efficient medical billing system is in place. An experienced medical biller must handle a hospital’s revenue cycle management services to mitigate errors, adhere to the compliance standards and maximize revenues. A flawed medical billing process could mean increased denials, A/R days and reduced reimbursements
It is critical that an experienced medical biller handles a hospital’s revenue cycle management services in order to mitigate errors, adhere to the compliance standards and maximize revenues
SolvEdge’s Medical Billing Process
Medical billing process need not be so complex to achieve your desired financial goals. At SolvEdge, we partner with our clients to simplify the medical billing process at scale. We maintain the highest standards of regulatory compliance and ensure utmost data privacy and security. Our experienced team of technologists, SMEs and revenue cycle experts follow the industry’s best practices and proven strategies to maximize your every billing dollar!
Having an efficient revenue cycle process in place is no easy feat. But we can help you get there. Here’s a deep dive into some of the proven medical billing strategies that would accelerate your revenue cycle curve a few notches higher!
1. Follow-up to Recoup
With a slew of bills and email exchanges between the patients and the Payors, it’s critical that continuous follow-ups are done to keep track of the inquiries and concerns. There are greater probabilities of claim denials and delayed reimbursements without a proper follow-up structure
2. Get Accurate Patient Data
hether the payment collection happens from the Payor or the Patients, data accuracy plays a vital role. When critical patient data is gathered upfront, it prevents many future possible errors along the way. It is essential that a Hospital or Practice recruits experienced staff to collect data in a meticulous, accurate and organized fashion.
3. Have a Transparent Pricing Model in Place
A transparent pricing model ensures that patients are on top of their financial responsibilities, while allowing them to streamline the patient payment collection process, and let providers give the best treatment options based on the patients’ insurance coverage
4. Strategize your Claim Denials
Even the best-coded, and documented claims get denied for several reasons. Following up with denied claims need to be combined with certain other strategies in order to maximize reimbursements. A certified and experienced medical billing service professional knows the right tactics to evaluate bills and maximize payments.
5. Choose the Right Medical Billing Company
Partnering with a medical billing services company is an investment that can make a difference to your revenue cycle process. An experienced revenue cycle company is well-equipped with the expertise to optimize the medical billing process. They have the technical know-how and an intuitive approach to navigate through the possible issues that may arise
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About SolvEdge
At SolvEdge, our strong team of SMEs, technologists, physicians, certified coders & billers work together to bring the best-in-class solutions to our clients. Our Gap Analysis at No Cost is designed toevaluate your missed out revenues in 2020 and recoup those payments in 2021 using proven strategies that continue to deliver excellence to our clients.
To learn more about out outcome-based revenue cycle solutions, talk to our team.
