Mental healthcare providers know just how crucial it is to manage their revenue cycle effectively. After all, a well-managed revenue cycle can help ensure that providers are paid for the services they provide, which can lead to improved cash flow and financial stability. However, it’s not always a straightforward process. Many providers still struggle with billing and coding errors, decreased reimbursement rates, and increased accounts receivable days.
To help you out, we’ve put together some tips on how to improve your revenue cycle management. These tips are based on the best practices in the field and can help you reduce errors, improve reimbursement rates, and shorten your accounts receivable days.
Introducing Revenue Cycle Management
Before delving into how to improve it, let’s first define what revenue cycle management (RCM) is. RCM encompasses the entire financial process of healthcare providers, from patient registration to final payment collection. It includes coding, billing, and collections, among other things. The goal of revenue cycle management is to improve efficiency, reduce errors, and increase revenue for healthcare providers.
Now that we have an understanding of what RCM is, let’s dive into how to improve it.
Optimize Your Billing Process
One of the most crucial parts of RCM is billing and claims follow up. Providers need to ensure that billing is done accurately and promptly to ensure timely payment from insurance companies and patients. Improving data accuracy, reducing coding errors, and optimizing the claims submission process are all ways to improve your billing process.
There are three ways to accomplish your daily, weekly and/or monthly billing. One, outsource your billing to a third party billing company. Especially for behavioral health and addiction treatment billing, that takes a billing company that specializes in this area. Two, hire experienced billers and have them use the billing software that hopefully is seamlessly a part of the EHR. Three, utilize your preferred vendor partner AZZLY® , and their expert billing team to create, submit and follow up on all claims submissions through an all-in-one platform. Utilizing the second or third option supports transparency, accountability and financial reports real time.
Increase Patient Engagement
Patient engagement can be significantly impactful on RCM. More engaged patients are more likely to be responsible for their co-pays and balances, leading to fewer write-offs. Engaging patients through education, communication, and online payment portals can increase patient satisfaction and improve RCM. By knowing how the right revenue cycle management system can get you paid faster and increased patient engagement, healthcare providers can improve retention and their bottom line.
AZZLY’s Patient Engagement Portal empowers providers and patients to better communicate safely and securely. By streamlining document sharing, simplifying esignature of forms, and facilitating seamless two-way messaging and appointment requests, both provider and patient benefit. With modern patient bill payment features on the way, our Patient Engagement Portal boosts engagements and reimbursements alike.
Use Technology to Your Advantage
Providers who leverage technology in their RCM process can experience better efficiency, fewer denials and improved accuracy. Technology can reduce manual errors, improve claims processing times, and speed up payments. Providers input data one time in the electronic health records (EHR), and whether appointment driven or encounter driven, automated claims processing takes over, so more patient care time is available.
Providers who use AZZLY’s EHR/PM/RCM platform will have access to an all-in-one automated system for RCM. The system includes robust practice management features, all required forms for clinical encounters, billing & claims creation and submission, and patient engagement portal, and more. Providers can also leverage this system to gain valuable insights into their productivity, allowing them to make data-driven decisions to enhance their RCM.
RCM is an essential financial process for all mental health and substance use disorder providers. To improve RCM, optimizing your billing process, increasing patient engagement, and using technology to your advantage are all key steps. By leveraging revenue cycle management services such as AZZLY’s RCM healthcare services, providers can enjoy optimized billing, increased patient engagement, and access to valuable insights to enhance their RCM. Ultimately, with improved RCM, healthcare providers can reduce costs, increase revenue, and focus more on patient care.
Running a busy mental health or addiction treatment clinic is challenging. We’re here to make it a little easier. AZZLY offers RCM Services including: Credentialing, Prior-Authorization Approvals, ERA Posting, Transitional Billing, Full Service Billing & Claims, and Billing & Claims Training.
Ready to start optimizing your revenue cycle? Speak with one of AZZLY’s Solutions Consultants here. You can also reach out to us via phone at 1 (888) 400-3201 or email us directly at firstname.lastname@example.org. We look forward to hearing from you and helping you improve your revenue cycle management!