Revenue cycle maximization tips from medicalbillingstar to get the most out of it for 2013 !

1
A Few Ways Physicians Can Tweak Their Revenue
Cycle To Get The Most Out Of It !

• Presented by,
• MedicalBillingStar

2
Revenue Cycle Management Are you doing it right
?

• Are you earning what you deserve ?
• Do you have a financial plan for the future ?
• Are you optimizing every process of your RCM to
  get the best results ?
• It is okay if youve answered in the negative.
  Here are a few simple ways you can manage and
  leverage your revenue cycle.

3
Break it down into bite sized pieces !

• Categorize your revenue cycle into
• front-end.
• middle end.
• back end.
• Your revenue cycle begins as soon as your patient
  walks into your practice.

4
Front End RCM Includes

• Appointment scheduling
• Copays and deductibles
• Insurance verification
• And optimization of tools used for front end
  management.

5
Have you missed an appointment off late ?

• Structure your appointment scheduling today to
  avoid revenue losses

6

• If your practice handles a diverse patient
  population, categorize and group them. And meet
  them on a specific day.
• Set metrics for the number of days a patient can
  wait to be seen and the number of hours you want
  to work .
• Clearly demarcate the number of hours you spend
  in office.

7
Dont leave money on the desk !

• Copays can account for more than 20 of revenue
  in an office.
• Call you patients prior to the appointment and
  inform them about their financial
  responsibilities.
• Offer multiple payment options.

8
Have you performed a thorough check?

• 50 of claims are rejected due to inefficient
  insurance eligibility checks.
• Perform a thorough eligibility check prior to a
  patients visit.
• Perform HIPAA compliancy audits to verify your
  transactions are in line with HIPAA norms.

9
The Mid PointMid level RCM includes

• Charge capture.
• Maintenance of CDM (Charge Description Master).
• Health information management .

10
Enter exact charges...

• Create and utilize dashboards to ensure services
  and supply charges are accurately entered.
• Integrate your clinical documentation with your
  billing system to avoid time consuming
  workarounds.

11
Maintaining your CDM

• Update your Charge Description Master regularly.
• Ensure your billers, research and update coding,
  compliance and cost information.

12
Health information management the key to avoid
denied claims !

• It is necessary that clinical care is documented
  accurately and regularly to support claims.
• Verify regularly that the codification of patient
  care is in compliance with monetary and
  regulatory guidelines.
• Implement tools to automate HIM and facilitate
  automated edits and diagnosis related grouping to
  save on time.

13
Backend revenue cycle management Where all the
action takes place !

• Backend RCM includes
• Billing
• Claims processing
• Adjustment posting
• AR calling
• Denial Management

14
This is where you need to focus on revenue
maximization !

• Rule based editing of claims can reduce denial
  and pending AR.
• Cross verified payment posting will give you a
  clear reflection of your collections.
• Implement quality monitoring and standards to
  ensure a streamlined AR calling process.

15

• Encourage bidirectional communication between the
  payer and your biller.
• Have an effective denial management in place.
• Arrange denied claims into buckets and prioritize
  according to the value of the claim and the days
  in AR.

16
Want expert help ? Call MedicalBillingStar !

• We have a specialized team available 24/7 for
  revenue maximization services.
• Have sophisticated claim editing tools, extensive
  contract management system and denial management
  tools to optimize and automate your revenue
  cycle.
• Send detailed financial reports and dashboards .

17
Thank you !

• Drop your queries on
• Revenue Cycle Maximization Services
• and
• Avail Free Annual Fiscal Practice Check up by
  dialing toll free _at_ 1-877-272-1572
• Or visit us http//www.medicalbillingstar.com