Inefficient revenue cycle management (RCM) costs healthcare facilities both time and money. This prevents them from pursuing innovation, expansion and improvements in patient care. MedTek believes that the revenue cycle process represents both a challenge and an opportunity for healthcare institutions, as it is a critical area to fix for improved business efficiency and patient satisfaction. To help facilities like yours improve efficiency, MedTek has authored a new guide, available free here, titled “6 Revenue Cycle Fixes Your Team Should Implement Today.”
The guide emphasizes the importance of ensuring accuracy throughout the RCM process; from transcription and coding through billing and collections. Inaccurate documentation increases the possibility of claim denial. MedTek’s revenue cycle specialists guarantee accuracy throughout every step of the process.
For example, our certified Coders are familiar with specific payer policies and can alert facility staff to any documentation deficiencies that could result in a claim denial, prior to the billing of a case. Once aware, the staff can proactively submit supporting patient medical records for review or approach the physician for improved clinical documentation.
A combination of human and automated processes helps when it comes to strategic collections, ensuring the right amount is collected at the right time. Facilities should be utilizing the latest technology, including revenue cycle software that flags errors to prevent a lengthy claim denial and appeal process.
While automation keeps the revenue cycle running efficiently, it takes a trained revenue cycle expert to dig out insights underlying the “days in A/R” metric. Many centers are often shocked when they find out how frequently they are accepting less than the amount owed or writing off the claims that are difficult to collect. Healthy revenue cycle management means collecting the amount agreed upon in each payor contract and continuing to pursue that claim until it is paid in full.
Looking to increase the speed and efficiency of your revenue cycle? Click here to download the free MedTek guide today.