What Are the Obstacles To Good Revenue Cycle Management?
Hiring external revenue cycle management consulting services can save your healthcare setup the burden of performing medical coding, billing, and other related tasks. This can give you adequate time to provide quality patient care and enhance your practice’s productivity. Understanding and solving the challenges associated with revenue cycle management (RCM) can make your hospital or clinic more sustainable. Here are common obstacles to good revenue cycle management:
Medical Billing Errors
Preventing data entry errors can help make your healthcare setup HIPAA-compliant and prevent unexpected legal risks. Protection of patient information and data can improve patient experience and satisfaction and motivate them to return and recommend your practice to friends. Improving your hospital’s medical billing will help prevent payment mishandling, upcoding, and documentation errors.
One way to prevent this revenue cycle management obstacle is to check and review incorrect patient identification and other related information. Making your medical coding specific can also prevent this obstacle. Your outsourced revenue cycle management consultants should have an up-to-date coding manual to enhance the accuracy of the medical records.
Claims Rejections and Denials
Wrong diagnosis codes, late claims submissions, or incomplete patient information can cause claims rejections and denials. Minimizing claims rejections can improve payment processes and your practice’s revenues. A positive financial impact on your hospital or clinic can improve its growth rate and competitiveness. When external revenue cycle management consultants reduce claim denials, your healthcare staff gets relieved of the burden of resubmitting claims. Fewer claims denials can also prevent patient frustrations and conflicts among your healthcare staff.
Outsourced revenue cycle management consulting firms can minimize claims denials by conducting thorough claim scrubbing. This involves analyzing submitted claims to check for errors like inconsistent Current Procedural Terminology (CPT) codes, add-on codes, and invalid modifiers. RCM consultants can regularly audit and monitor your practice’s documentation and claims processing to prevent errors.
Data Analytics Problems
Data analytics can include diagnostic, prescriptive, descriptive, or predictive analysis. Some data analytics problems that can interfere with your healthcare practice’s RCM include:
- Incorrect data capture
- Lack of data cleaning
- Slow data querying
- Lack of data reporting
Improved data analytics can help your healthcare practice become more efficient by speeding up diagnoses and treatment processes. Correct data analytics can empower your healthcare staff to make sound decisions and work as a team to achieve your practice’s goals. RCM consultants can also enlighten you about the latest healthcare trends that could boost the quality of care your medical practice provides.
A revenue cycle management consultant can prevent this obstacle by enhancing data accessibility to end users. They can create a centralized system in your healthcare to avoid human errors that could reduce patient data quality. RCM consulting firms can enhance data capture by developing documentation to better your clinical programs.
Inadequate Staff Training
Training your healthcare staff about revenue cycle management can enhance their engagement and performance. They can collaborate with external RCM consultants to minimize compliance risks and administrative costs and improve overall efficiency. Adequate RCM training can help your staff better understand the medical billing process and prevent inaccuracies that could cause patient dissatisfaction.
RCM consultants can train your healthcare staff about proper claims submission and other ways to prevent denials. Your staff can learn how to register the patients efficiently and accurately during RCM training. RCM consultants can train your staff on payment posting, insurance verification, and coding capture.
Outsource Revenue Cycle Management Consulting Services
Hiring a revenue cycle management consultant can enhance your healthcare setup’s efficiency and patient experience. The consultants can prevent claims denials, medical billing errors, and data analytics problems to improve RCM. Contact a reputable and accredited revenue cycle management consulting firm today for help.
