Revenue cycle management (RCM) is the process of collecting payments for healthcare services. It is a complex process with many moving parts, and it is easy to make mistakes. However, by avoiding common RCM mistakes, healthcare organizations can improve their revenue cycle and cash flow.
Here are some of the most common RCM mistakes to avoid:
Not checking patient eligibility prior to service. This is one of the most common RCM mistakes, and it can lead to denied claims. It is important to check patient eligibility prior to service to ensure that the patient is covered by insurance and that the services you are providing are covered by their plan.
Inaccurate billing and coding. Billing and coding errors can also lead to denied claims. It is important to train your staff on proper billing and coding procedures, and to have a system in place to review all claims before they are submitted.
Missing or late claims submission. Another common mistake is missing or late claims submission. This can happen if your staff is overworked or if you do not have a system in place to track and submit claims on time. It is important to have a process in place to ensure that all claims are submitted accurately and on time.
Poor denial management. Denials are a normal part of the RCM process, but it is important to have a system in place to manage them effectively. This includes reviewing all denials to determine the cause, and taking steps to resolve the issue and resubmit the claim, if necessary.
Not following up on unpaid claims. It is important to follow up on unpaid claims in a timely manner. This can be done by sending reminder letters or making phone calls. If you do not follow up on unpaid claims, you may lose out on revenue.
Here are some tips for avoiding common RCM mistakes:
Use a patient eligibility checker. There are a number of software solutions available that can help you to check patient eligibility quickly and easily.
Invest in a billing and coding solution. A good billing and coding solution can help you to automate many of the tasks involved in billing and coding, and to reduce the risk of errors.
Set up a system for tracking and submitting claims on time. This could involve using a calendar or project management tool to track deadlines, or setting up automated reminders.
Have a process in place for managing denials. This should include reviewing all denials, determining the cause, and taking steps to resolve the issue and resubmit the claim, if necessary.
Follow up on unpaid claims promptly. This could involve sending reminder letters or making phone calls.
By avoiding common RCM mistakes and following these tips, healthcare organizations can improve their revenue cycle and cash flow.