RCM tip of the day: To increase profitability, evaluate billing performance and utilize advanced technology

As medical practices implement the new Medicare Access and CHIP Reauthorization Act and Merit-Based Incentive Payment System, they should focus on revenue cycle management to achieve financial success and improve patient care, according to Thomas Schildmeyer, vice president of RCM strategy and development at Modernizing Medicine.

Mr. Schildmeyer shared the following tip with Becker's Hospital Review: "Medical practices face continued operational, financial and regulatory challenges, requiring sound revenue cycle management to maintain — and ideally improve — patient satisfaction, cash flow and overall business performance. The process of managing your clinic's RCM starts before the patient visit and ends when there is a zero-balance owed to the physician. As simple as this sounds, every physician knows from experience what complications and stress the collections process can have on your time and resources. This is only further intensified with the new MACRA and MIPS.

"Fortunately, with today's advanced technology, there are platforms available to not only help keep physician's practices on track for success, but also improve overall patient care."

Click here for more information about physician specialties expected to participate in MACRA.

If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.


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