Revenue cycle management: efficiency drives success .
You own or manage a physician owned Management Company. You want to provide an outstanding service to your patients. You either outsource ICD-10 coding and medical billing functions or struggle to compete with what revenue cycle management companies tell you they can collect. You strive to compete with industry best practices and remain competitive in technology-driven day and age.
Understand your workflow. The market is flooded with revenue cycle management solutions to streamline your workflow. Some may or may not deliver the expected results. Get to know your workflow, understand what happens after the point of care.
Do you have staff for data entry or any paper-driven processes?
Do you leverage HL7 integration or any other electronic interfaces?
How do medical coders access patient medical records?
How do you manage PQRS and ICD-10 coding?
Do you know how data gets into your billing system?
Streamline your workflow, this is not going to happen overnight and will require a thorough analysis of pain points that exist within your organization. Analyze what issues cause the greatest delay in getting a claim out to the patient. Common problems that exist in medical practices are with data entry and paper.
Data entry is expensive and not always accurate.
Paper is kryptonite for medical coding and billing if you don’t manage it properly.
Organize your work. Understand each function within your organization and utilize technology when available. Work smarter not harder. When possible leverage electronic data such as HL7 integration and eliminate paper, ensure medical coders use technology to perform ICD-10 coding and maintain regular audits for quality. Understand internal procedures around deficiencies in documentation that prevent a claim from being coded or billed. Understand what your billing software allows for if data entry is occurring for charges.
Audit workflows regularly. Software and technology can be a fantastic resource, but should periodically be reviewed for shortfalls. Good technology partners should be willing to work with you on enhancements to the software. Know your vendors capabilities and make sure you understand how they will cooperate with you to improve software or technology when necessary.
Healthcare and technology can be a challenging environment to navigate. Search Google for revenue cycle solutions or practice management solutions, results are flooded with thousands of different solutions and techniques to help your organization thrive. Navigating those can be a daunting task without referrals and knowing exactly what you need. With the right technology and team, your practice can be efficient and effective, allowing your organization to be competitive in a technology-driven day and age.
Ben Bohlen is the operations/client lead at LightSpeed Technology Group, makers of VeriDOCS coding and revenue cycle workflow system. LightSpeed works with coding, billing and physician groups throughout the US and abroad. Handling emergency, hospital, anesthesia medicine, and other specialties. He is driven to provide clients with meaningful and relevant results.