What are the best practices for Revenue Cycle Management (RCM) ? Each pratice has their unique challenges. However, every practice is unique, with specific billing needs and a few simple steps helps all practices boost revenue, decrease payer rejection and underpayment on claims, and reduce the number of days claims remain in accounts receivable (AR).

• Insurance Eligibility Verification should always be done at the time the patient checks in. This simple step will not only verify that the patient has insurance coverage, but also indicate the amount of the co-payment that should be collected.

• Daily Claims Submission is crucial to the regular cash flow of your practice. It ensures that claims do not become unmanageable.  Keeping up with this practice daily fosters more detail-oriented processing and submission.

• Prompt Follow-Up on rejected and underpaid claims is essential to a healthy practice. By following up immediately to determine the reason for the rejection and how to correct it, timely filing deadlines will never be an issue.

• Semi-Annual Code Review allows you to verify that your coding practices are up- to-date and in line with current guidelines. It also ensures that your practice stays ahead of the curve and is not surprised by a sudden glut of rejections from outdated coding.

• Monthly Reporting may be the single most important practice to put in place. It allows you to obtain high-level transparency into your practice's finances, and charting simple trends over the course of the year can lead you to other billing problems you may not have noticed before.

These five areas can significantly improve your bottom line and make sure no claims slip through the cracks. Implementation will take time and dedication, but they will surely improve your practice's financial health. Please contact us to explore our solutions.