RCM tip of the day: Focus on revenue optimization
Here are a few ways to optimize the revenue of healthcare professionals.
Karen England, Ingenious Med Revenue Cycle Consultant:
1. Provide access to data and the analysis of data to allow for monitoring of metric performance. The discovery of why certain trends in data occur can be useful to everyone involved and the sharing of this type of information will keep communication lines open, keep staff engaged and mitigate feelings of being "lost in the crowd" in an organization.
2. Continue to focus on the ICD-10 transition in regard to specificity, documentation, timeliness and even announcements from CMS. This will ensure that all parties are up-to-speed and on the same page as far as clinical guidelines and medical necessity are concerned.
3. Be sure to monitor and give feedback to the appropriate members of the practice such as: physician documentation, accounts receivable, management of self-pay and charge lag. Providing feedback can be beneficial on several levels. Primarily, with a major system change such as ICD-10, the sooner feedback can be provided regarding documentation or claims the greater it will benefit the accuracy of patient medical records and financial performance of the organization. Regarding financial issues such as accounts receivable, there is a timing element in regard to completing the initial billing or working denials. In addition, the amount of rework that can be prevented, as a result of timely feedback, will allow for a more efficient workflow, benefiting the entire organization.
If you would like to share your RCM best practices, please email Carrie Pallardy at firstname.lastname@example.org to be featured in the "RCM tip of the day" series.
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