How to Improve Medical Practice Revenue Cycle Management

Posted by Practice Management Institute on Nov 2, 2021 8:55:39 PM
Practice Management Institute

How would you characterize the success of your medical office? A steady flow of patients is one benchmark. What about your team; do your providers take an active role in practice management? Are your clinical and administrative teams showing up with purpose? How about financial health? It is an ongoing struggle in every practice, and we've found two CMOMs on a mission to help you improve it.

Every practice leader wants to improve RCM.

Trying to manage a healthy revenue cycle in your medical practice can feel like plugging holes in the galley of a ship. It's never static, and everyone directly and indirectly responsible for a successful revenue cycle must stay educated so they can lead their teams to success. 

Whether you are enrolled in value-based payment models or relying on new technology, improving revenue can be a slippery slope. Bringing in faster payments, reducing claim denials, and improving the overall financial health of a healthcare organization is achievable.

Focusing on what you can control will help you master the revenue cycle.

We all want to achieve higher claims payment approval rates, faster receipt of claims payment, reduction in claims denials, and improvement in the practice's overall financial health. Increasing cash flow is only part of the equation. There are many complex challenges, resolution strategies, and denial prevention tactics to consider. Whether your immediate goals include increasing patient volume, optimizing cash collections, or reducing claim denials, everyone on your team can benefit from RCM training that covers:

  • Various types of insurance plans
  • Effective claim follow-up, and denial resolution
  • Full-circle look at the progression from patient registration through receipt of payments
  • Review of credentialing, coding, payment posting, denial oversight, regulatory guidelines, use of technology, internal audits, value-based payment models, and analytical reporting
  • How to operationalize aspects of the revenue cycle
  • Strategies to avoid non-payment and compliance pitfalls. 

Training helps everyone understand how elements of operations, documentation, billing and contracting intersect to keep revenue flowing in the right direction.

So, if you're tired of beating your head against the wall trying to make heads or tails of your RCM, you will want to get to know Taya (Shawntea) Moheiser and Kem Tolliver, two talented CMOMs and RCM experts who are on a mission to move your medical practice revenue in the right direction.

Learn from two CMOMs who also happen to be RCM superheroes - live on November 9.

This two-part training will help you and your team understand how elements of operations, documentation, billing and contracting intersect to create payment success.

Revenue Cycle Management Mastery, session 1 of 2 starts live online beginning Tuesday, November 9. Even if you can't make the live sessions, register anyway to get the recorded version of this valuable training for 6 months. 

 

 

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Topics: Practice management, Practice cash flow, medical practice issues, financial management