Revenue cycle management success: Learn these key factors

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• Revenue Cycle Management Success Learn These Key
  Factors
• Your ophthalmic practice should be leaning
  heavily on its revenue cycle management plan. RCM
  can help your practice minimize errors, increase
  the chances you will get paid, and tamp down on
  the size of your accounts receivable.
• Managing revenue is necessary, of course, for
  keeping the lights on and the employees paid,
  but enacting a sound RCM policy can be more
  complicated than it sounds. Partnering with the
  right RCM provider will go a long way to ensuring
  your ophthalmic practice can solve billing issues
  and engage in sound healthcare revenue collection
  and data protection.
• This blog investigates revenue cycle management
  and details the key factors behind RCM success.
• What is revenue cycle management?
• Revenue cycle management (RCM) is the process of
  handling billing, payment, and processing. It
  begins each time a bill is sent out to a customer
  and follows through to the payment collection or
  bill write-off process. In healthcare, where
  insurance providers may pay on their own schedule
  and patients can take weeks or more to pay bills,
  this process is complex and influenced by a
  variety of factors.
• In optical practices, RCM uses practices and
  tools to keep this process smooth and orderly
  while also bringing in as much revenue as the
  practice is entitled to and doing so as quickly
  as possible. Simply put, a good revenue cycle
  management plan will ensure your practice has a
  reliable, predictable, and steady influx of cash
  in order to support operations.
• What are the components of revenue cycle
  management?
• A complete revenue cycle management process for
  eye care providers or really any other health
  care provider includes a number of key steps.
  Those are
• Claims preparation This step begins before the
  claim is submitted it can happen before the
  appointment, while the patient is checking in, or
  even if need be while the patient is in the exam
  room. First, the patients information is
  collected, and then the patients eligibility and
  insurance coverage are determined and verified.

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• Claims submission In this step, the actual claim
  is created, the codes are determined, and the
  charges are entered. After a double-check, the
  claim is submitted to the patients insurance
  provider.
• Claims management This step includes the
  management of
• the claim, including tracking its progress and
  handling any queries from relevant parties.
• Receivables collection During this step,
  statements are created and sent, and money is
  collected from the patient to satisfy any amount
  due in addition to what insurance is
• handling. If collections is required, it would
  happen during this step.
• Analysis and evaluation During this final step,
  the billing
• team collects and prepares for analysis any
  metrics associated with the claim for future
  tracking and analysis.
• What are the benefits of revenue cycle
  management?
• RCM in optometry practices is important because
  it smooths and speeds the payment process done
  right, you get more money coming into your
  account, and it arrives in predictable and
  dependable ways.
• Some industries have it easy in retail, you set
  an item out for sale, then someone buys it,
  agrees to the price on the price tag, and hands
  you their cash or credit card the transaction is
  handled in a matter of minutes, if not less. But
  in health care, physician revenue is a complex
  process, and in part because of this complexity,
  there is a high chance of seeing errors,
  mistakes, confusion, and protracted back and
  forth communication with a variety of parties and
  stakeholders.
• An effective RCM process will cut through much of
  this clutter, reduce the number of errors in the
  claims and billing process, and shorten the
  payment process. If there are errors after you
  have implemented a sound RCM process, they in
  general will be much simpler to solve.
• Key factors in an RCM process
• Ready to learn about the key factors in the RCM
  process?

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• Be careful with implementation If RCM is new at
  your practice, a full-scale implementation may
  throw your staff for a loop. Before beginning,
  follow the implementation advice from your RCM
  partner, who may suggest a staggered approach
  that included ongoing support and user training
  and evolution.
• Know how to use your data Data is a key output
• from your RCM process. The accumulation of these
  data can be a valuable tool as you seek to refine
  processes, segment markets, and target services.
• The right RCM partner can help you put your data
  to beneficial use.
• Find the right partner RCM is not just like
  buying a
• software package and logging into it.
  Implementation of a revenue cycle management
  process will mean you need to work closely with
  your RCM partner. Do you trust them? Are they
  empathetic leaders? Are they invested in your
  success? Do they bring value to your project? Do
  they have extensive industry knowledge? You will
  be in it for the long haul with your RCM partner
  do your best to make sure it is a relationship
  you want to be engaged in.
• Make sure you have the right technology Hand in
  hand with finding the right RCM partner is having
  an
• RCM system that has the right technology to get
  done what you want to get done. This means
  solutions that are specific to your practice,
  that solve
• your verification and receivables problems, and
  that will adapt to changing needs.
• Find the right partner for your RCM
  implementation
• Is your RCM provider a true partner who is
  invested in your success? Eye Care Leaders has
  advanced RCM solutions designed specifically for
  eye care providers. These tools are designed to
  optimize tasks important to your offices success
  such as pre-registrations, insurance
  verification, authorization, payment, billing,
  and collections. All are designed to ensure your
  continued profitability while also supporting
  enhanced patient satisfaction.
• Eye Care Leaders provides RCM services under its
  myCare line of solutions, which also includes
  MIPS assurance, HIPAA compliance, patient
  reactivation, and patient acquisition and
  retention.
• To learn more about RCM contact Eye Care Leaders
  today.

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