Revenue cycle management involves optimizing every aspect of the revenue cycle, from when a patient makes their initial appointment until they pay off their balance. Revenue cycle management consulting helps you optimize your cycle so you can improve your practice’s financial performance. It can also improve your patient experience and reduce the administrative workload. Our consulting services can help your practice in the following ways:
Optimize Patient Registration and Insurance Verification
One of the first steps in the revenue cycle is patient registration and insurance verification. Our consultants gather the patient’s information and verify all aspects of their coverage to get a clear idea of their insurance status. They then assist in creating a streamlined process for your staff to follow in the future. Implementing a reliable registration and insurance verification system helps prevent claim denials by making sure the patient is covered before providing care. It also improves the patient experience by minimizing unwelcome billing surprises.
Enhance Revenue Capture
One of the main purposes of improving your revenue cycle management is to enhance revenue capture. We do this by making sure that your practice is billing for all of the services that your practice provides and collecting payment on time to reduce revenue leakage. Consultants from Physician Practice Specialists (PPS) analyze your revenue to identify inefficiencies and areas for improvement. They can then implement advanced software to optimize the claim submission process, reduce manual errors, and improve your revenue capture. We also make sure to follow up with patients about past-due payments in a timely manner. Optimizing these processes allows you to improve your bottom line and increase your practice’s overall revenue.
Reduce Administrative Workload
Our consulting services can help you streamline your practice’s workflows and eliminate redundant tasks that could be negatively impacting your time management. We do this by optimizing the claim submission process and implementing helpful technologies that allow us to automate manual tasks, such as sending appointment reminders. This automation reduces the amount of time and resources that need to be spent on administrative jobs, allowing your staff to focus on your patient experience and other more pressing tasks.
Increase Compliance
It is a legal requirement to remain compliant with healthcare rules and regulations outlined by HIPAA and other federal laws. PPS consultants uphold compliance standards by protecting patient data in all aspects of their work. We are able to implement technology that keeps track of your compliance throughout the revenue cycle, notifying you if there are any problems. This helps you avoid making any mistakes that could result in legal repercussions such as audits or penalties. Increasing your compliance also protects your practice’s reputation and financial stability by showing your commitment to protecting patient information.
Contact Us for Revenue Cycle Management Consulting Services
Revenue cycle management consulting has many benefits, including optimizing your practice’s financial performance and keeping revenue flowing smoothly and efficiently. This helps your practice bring in more money and enhances the patient experience. Physician Practice Specialists has consultants that help you enhance every aspect of the revenue cycle. Schedule a 1:1 meeting today to learn more.