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Tag Archives: Medical Revenue Cycle Management

5 Tech tools to boost financial performance

Most physicians are already using EHR systems to record patient encounters, track clinical progress, and report on outcomes. But fewer are taking full advantage of them as a tool to improve financial performance, according to practice management experts Lucy Zielinski, vice president of The Camden Group, and Derek Kosiorek, a principal consultant with the Medical Group Management Association. While there are myriad technology features and add-ons that can help optimize workflow and bring in payments, a few are becoming essential to revenue cycle efficiency. They recommend starting at the front desk with these five tools that leverage the capabilities of your system.

Read more at Physicians Practice.com.

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Revenue Cycle Management: 7 Steps to Improving Patient Collections

Many small and mid-size medical practices are leaving money on the table by failing to develop a strategy for collections, experts say. The most common problem is lack of monitoring and accountability, according to Reed Tinsley, CPA, a Houston-based practice management consultant. You need to collect copays at the time of service and keep on top of overdue accounts. Read more in this article I wrote for Physicians Practice.

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Revenue Cycle Management: Preventing Claim Denials

Preventing denials requires careful documentation but physicians don’t always make the connection between poor documentation and declining revenue. As a result, some offices get stuck in a downward spiral that’s difficult to reverse without a coordinated effort between the front and back office.

Revenue cycle management experts I spoke with had some great tips for reversing that negative trend. Here are 5 worth noting:

Communicate. Physicians, nurse practitioners, and physician assistants should receive frequent, direct feedback about the quality of their documentation. Whether your billing staff is medical revenue cycleon-site or you work with a third-party, you need to know how often and why your claims are denied. Consider having regular staff meetings or online discussions focused on billing and coding.

Test for coding competency. Perform a baseline assessment of providers’ coding skills and repeat it twice a year to make sure everyone is up to speed.

Invest in training. Both newly hired and established providers should undergo regular training and refresher courses on coding and documentation. Remember: poor documentation + inaccurate coding = denied claim (and lost revenue).

Show them the money. Complying with coding audits and attending educational seminars should be tied to financial compensation and/or bonuses.

Use technology. “Scrubber” tools embedded in your practice management system search for coding errors and generate reports on recurrent problems–consult them regularly to avoid repeating common errors.

 

Please see the longer version of this column that I wrote for Physicians Practice.

 

 

 

 

 

 

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