Here are six expert revenue cycle management tips, published by Becker's Hospital Review since April 17.
1. Hospital revenue cycle departments should collaborate with clinical and other operational stakeholders to promote transparency of ordered procedures and allow appropriate time to secure authorizations, recommended Angela Capretto, a senior adviser with healthcare IT consultants Impact Advisors.
2. Healthcare organizations need to track the right utilization management metrics to connect the dots between clinical decisions, regulations/contracts and billing/finance, said Marilyn Palmer, DO, senior vice president of client performance and revenue integrity for RCM company Versalus Health
3. The most effective revenue cycle tools combine clinical and outcomes data within clinical systems with financial data, said Chris Fisher, business development director at maxRTE, which provides health insurance eligibility software.
4. Hospitals should carefully weigh the pros and cons of keeping their billing in-house or outsourcing it, advised Marcy Marquis, client services manager at maxRTE.
5. Guidelines to help ensure an optimal chargemaster standardization were offered by Elaine Dunn, vice president of systems integration for Craneware, which provides automated value cycle solutions.
6. Medical practices should be proactive about not leaving money on the table because of errors in processing claims, said Naveen Sarabu, vice president of product for AdvancedMD, a cloud platform provider of integrated clinical, financial, patient engagement and reputation management applications for independent practices.
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