Revenue cycle management is the process that healthcare companies use to collect revenue from patients. This process will ensure that your practice is paid for its services so that you don’t go without pay for the work you do. You must take advantage of revenue cycle management components, as it will allow your practice to make the most from every patient it serves. If you want to make sure that your practice makes the most from revenue cycle management services, make sure to follow these steps.
Before your patient enters your clinic, you will want to make sure that they have scheduled an appointment and have presented their insurance card. By ensuring that your patients have insurance to cover their visit, you will give yourself your best chance at collecting on the patient. Visits can be expensive, but insurance will help your patients to pay for it, which is why it is essential to make sure that your patients have valid insurance. After you have verified the patient’s insurance is valid, you will want to have them sign papers agreeing to pay for all the services they use during their visit to ensure that they will be paying for their visit.
During your patient’s visit, it is crucial to map every service that they will need to pay for. When you are seeing your patient, it is essential to make a note of every service they partake in so that you can send a bill to them and their insurance company after the visit. After the visit is over, it is essential to have the map sent to be translated into universal coding. This will ensure that the exact service they paid for is being charged to them and that your billing service will not have any confusion on the total bill amount at the end of the day. It is vital to follow this step of the revenue cycle, as it will ensure that you are billing your patient correctly for the services that they use.
After the visit is over, it is essential to send your patient’s bill out to them and their insurance company in a timely manner. This will ensure that they are given optimal time to get their bill paid and that they will know precisely what they are paying for. After their bill has been sent out, it will be on them to pay it in a timely manner. Your patient will need to pay their bill as promised previously, and it is crucial that you stay on top of the billing process. If your patients are slow on handing over their payment, it is essential to act and notify them of their bills and request payment. It is vital that you get paid for the services you provide.
These are a few things to understand about revenue cycle management services. Contact us to hear about how you can take action and get your patients to pay today.