Tips to Maximize Your Practice’s Revenue Cycle

With declining Medicare reimbursements, the impending ICD-10 transition in October, and growing patient responsibility for payments, physicians are increasingly concerned about how they are going to get paid. Here are five tips to help you maximize your revenue cycle:

  • New technology should extend your existing abilities by taking the next evolutionary step, keeping pace with changes in the marketplace. Technology and the health care industry continue to change, so products that are expandable can grow with the physician practice and will not become outdated as quickly
  • Technology should be easy for your staff to use. And, what may seem easy to use for one staff member may be difficult for another. Make sure several staff members are able to test out the technology solution and give you their feedback before you make a decision.
  • Many revenue management systems offer reporting features that allow providers to monitor how quickly they send claims, how many errors they submit and how many days claims spend in accounts receivable. Your practice can run regular reports to track denials and learn where to improve your processes.
  • Involve your staff in continued education with trade organizations, such as MGMA, so they will be more prepared as the industry changes, such as ICD-10.
  • Ensure that your technology vendor has ongoing customer support that is accessible to your staff. Ideally, you want to be able to quickly reach a real person who can answer all of your questions in one phone call.

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