Expert Tips To Improve Your RCM Process

1. Expert Tips To Improve Your RCM Process www.vozo.xyz

2. Introduction • With the ever-changing medical procedures and technological development, revenue cycle management serves to be the backbone of the healthcare industry with continuous improvement.

3. What is RCM Process? • RCM process is not just about submitting claims, an efficient revenue cycle management service cycle includes step by step process of scheduling, Patient registration, Insurance Eligibility, Patient Demographics, Coding and Billing, Charge Entry, Claims submission, Payment Posting, AR follow up and Denial Management. 

4. 8 Tips to Improve Your RCM Process

5. 1. Implement Automated Workflows • Automated workflows - A faster & more accurate way of managing your revenue cycle. • Implementing automated workflows significantly increases your valuable time while the effectiveness of your revenue cycle management automatically improves.

6. 2. Patient Preferences • Automating RCM not only depends on healthcare providers alone. • You can also improve the RCM process by making it easier for patients to submit payments by providing them advanced features such as online payments.

7. 3. Remain Up-To-Date With The Industry Changes • As technology is growing day by day, the healthcare needs of the patient also increase in the healthcare industry. • You need to consider how selective patients are and provide the attention and availability they want as well as the advanced services they need.

8. 4. A dedicated Care Coordinator Is Important • Care coordinators can play an important role in making sure health systems and providers recognize care quality goals and formulate programs that ensure the highest payouts, and which also boost patient loyalty and health outcomes.

9. 5. Lost Payments • In your RCM cycle, you should be collecting the full payment that every patient/payer owes. • At times, this may come down to re-submitting claims and following up with patients more than once. 

10. 6. Use The Best Software Solutions • The best revenue cycle management software and online patient portals are a must for streamlining patient communication and payments. • Cloud-based RCM software like Vozo offers medical providers the unique ability to aggregate claims filing, invoicing and payment transactions, appointment scheduling.

11. 7. Collect Payments Upfront • Start collecting payments before you render services. • This will cause a major shift in how much money is sitting in accounts receivable for an indefinite period versus what can be counted as revenue. • Even if you choose to only collect a partial payment, that’s an improvement.

12. 8. Measure Your Results • Successful revenue cycle management relies on measuring key rates and statistics and setting regular goals to measure the efficacy of workflow changes and updates to existing protocols. • The other key metrics to monitor include the reason why your patients miss appointments, the reason for denied claims, and the average number of days it takes patients to settle a bill.

13. Vozo Smart RCM Solutions To Boost Your Practice Revenue VOZOdelivers patient-focused revenue cycle management (RCM) solutions that help hospitals in increasing cash flow by managing denied claims and improving patient satisfaction. 

14. Read More About RCM & Healthcare News @ Vozo Blog

15. Vozo EHR Software Contact us Vozo 42240 Mason Ridge Ct, Brambleton, VA 20148 571.213.3245 https://vozo.xyz