How To Play Defensive To Improve Your Practice’s Revenue

One of the primary reasons for a healthcare entity to lose money is an inability to correctly capture all the charges that they are entitled to collect from a patient. The only way to safeguard the financial viability of your entity in these turbulent times is by putting in place a strategy that eliminates charge capture slipups.

Today’s times are very tough for being in the profession of saving lives. Value-based reimbursements, an increase in the number of chronically ill patients, and a landslide of complex regulations have all resulted in a substantial increase in the expenses associated with running a practice. On the other hand, perennial holes in the revenue cycle management processes especially the ones in the form of incorrect charge captures have ensured that the dollars keep leaking consistently, making your organization poorer by the day. Here are some ways in which you can prevent such charge-related errors and plug the holes that are causing your entity to move towards financial doom.

  1. Review Charges On Patient Bills – Before submitting a bill, it is very critical to check all the charges that have been included thoroughly. A software application can be customized per your requirements to automatically run these checks so that you do not end up spending too much time evaluating each bill manually.

  2. Reduce Time Lags – Time-related inefficiencies that have crept into your revenue cycle over the years can be spotted when each process is studied with a magnifying glass. Even though these time lags may seem inconsequential individually, when put together their cumulative effect is quite appalling. The time spent in configuring a bill after service as well as the time that is taken to file a claim should be trimmed to prevent errors in capturing charges.

  3. Strengthen the Communication Framework – It is essential for all departments within your practice to communicate with each other rather than work in silos to prevent charge-related errors stemming from a lack of proper information flow.

  4. Adequately Training Staff – Administrative staff that is responsible for the accounts receivable portion of your revenue cycle require adequate training to be able to perform billing functions appropriately and avoid incorrect charges.

 

A stable partner that can help build and sustain a strategy for improving the efficiency of processes related to the management of the revenue cycle is a huge asset to any healthcare entity. Mirra Health Care is one such worthy partner that can assist you in identifying the charge-capture slipups ailing your organization. Mirra can also unravel the reasons behind such issues and accordingly reinforce your existing processes by building a procedural net around them to avoid loss of revenue. For more information on how you can partner with Mirra, please contact us - http://mirrahealthcare.com/contact-us.php