Revenue Cycle Management
Improving Healthcare Revenue Cycle Management Reimbursements – Six Key Strategies
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Improving Healthcare Revenue Cycle Management Reimbursements – Six Key Strategies
Medical billing services are amongst the key components that hospitals and practices rely on for better financial performance and outcomes.
A Medical Group Management Association (MGMA) report reveals that improving coding accuracies and filing correct claims are key factors that influence a Hospital or Practice’s revenue and cash flow. Furthermore, the health economics landscape has undergone a paradigm shift in the evolving trends of value-based care and population health
Various factors can impact the bottom line of a healthcare organization. Medical billing services are amongst the key components that hospitals and practices rely on for better financial performance and outcomes. Furthermore, it is essential that care providers closely work with their medical billing and coding company to identify the right strategies to accelerate their bottom line.
Claim denials and reimbursement issues could also be a result of improper management. However, it is essential that the administrative staff be well-equipped with relevant training and required skillsets to efficiently handle the insurance coverage aspects. This blog is a deep dive into six key medical coding and billing strategies that can transform your bottom line.
Getting the proper ICD and CPT codes are critical steps in maximizing reimbursements and preventing claim denials to a great extent, especially for telemedicine solutions and Remote Patient Monitoring services offered. The most common coding mistakes that can be prevented through medical billing solutions include incorrect form descriptions and cheat sheets. Ensure that you correctly map the diagnosis codes to the CPT codes to prevent coding errors.
Read More : COVID-19 Vaccine Coding: The Ultimate Guide
The American Medical Association (AMA) constantly updates the CPT codes in alignment with the Centers for Medicare & Medicaid Services (CMS). Additionally, the COVID-19 situation has also demanded a new set of codes modified for the telehealth solutions and other digital healthcare services offered during pandemic times. Ensure that you stay on top of the latest codes being updated with every release.
Modifiers in healthcare revenue cycle management are amongst key components that can be used with HCPCS and CPT codes to denote a circumstance. Incorrect modifiers could significantly impact reimbursements through billing errors and preventable claim denials. Ensure that your coders are well-trained to use the correct codes and modifiers at appropriate times.
Care providers add important information in the provider notes and it is essential that the medical coders read them thoroughly and not skip any important information. For example, a lot of confusion could be avoided if the coder reads the entire notes instead of glimpsing through the key points alone.
Care providers must be in the know of the latest industry trends and updates to make informed decisions. Ensure that you stay up-to-date with some of the critical revenue cycle components including net collection, charge lag time and AR days.
Chronic Care Management (CCM) denials happen due to several reasons including incorrect documentation, repetitive billing of CCM within 30 days and others. To prevent these confusions, there needs to be seamless communication and collaboration between Physicians to foster a cohesive decision making. Hospitals and Practices can leverage the capabilities of digital patient engagement solutions to streamline workflows and enable frictionless patientphysician communications at scale.
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To learn more about accelerating reimbursements and optimizing your revenue cycle performance, talk to our team.
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.