Start-Up Services
Revenue cycle management (RCM) entails optimizing your practice’s financial processes for administering intake, billing, and claims in a timely manner. At Physician Practice Specialists, we provide comprehensive RCM support and consultation services to reduce overhead and increase earnings. Here are some services our revenue cycle management consulting team offers:
Streamlining Patient Data Management
RCM begins at intake. Effective management entails collecting correct identifying information from the patient, verifying insurance coverage, and confirming any necessary referrals or authorizations. A streamlined registration procedure reduces administrative burden, and a responsive intake system recognizes and prevents potential claim denials. Maintaining records productively also facilitates billing and collections procedures, which include generating patient statements, delivering bills, exploring flexible payment options, and resolving unpaid balances. The consultants at Physician Practice Specialists supply a suite of data management solutions that can reduce the cost and time of intake operations.
Increasing Accuracy in Coding
Improving code and documentation processes can increase revenue by preventing claim denials. Our experts assess your coding methodologies and offer advanced solutions to any inefficiencies they find. Bringing your practice into conformity with the most current RCM practices, like utilizing analytic software to streamline labor and reduce manual errors, may improve the quality of submissions. Because regulatory standards change often, good RCM also requires constant attentiveness to compliance errors. We help develop effective compliance management plans, including training employees on the most current versions of healthcare regulations relevant to your practice and performing regular internal audits.
Managing Claims Submissions
Payment is often expedited when claims are effectively guided through the submissions system. We offer services that implement electronic submission systems with proactive tracking tools that follow claims in real time. Regular observation allows any issues that delay payment to be identified immediately, which enables timely correction. This minimizes user errors, averts delays, and shortens the revenue cycle.
Appealing Denied Claims
If an appeal is denied, our RCM specialists provide denial management strategies and support you through the appeal process. In individual denial cases, consultants offer guidance in communicating clearly and preparing necessary documentation. When dealing with broader trends, expert analysis examines your practice’s most frequent reasons for denial and guides the implementation of corrective procedures. Minimizing or eliminating denied claims improves your RCM by shortening the length of the revenue cycle and reclaiming income that would otherwise be lost.
Harnessing Revenue Analysis
Through our consultation services, you can understand detailed revenue metrics that help you improve your processes and income. Our team performs comprehensive analyses of your practice’s financial health. Evaluation topics include billing patterns, payer performance, reimbursement trends, and claim denial patterns. The information is synthesized using RCM analytic software and interpreted by our industry professionals, who work to identify areas that can be streamlined or improved. Using these insights, they design and implement updated procedures to optimize your revenue cycle. Ongoing analysis serves to reinforce these gains. Regular internal audits provide a record of changes in procedure and enable more in-depth analysis of error trends.
Utilize Revenue Cycle Management Consulting Services
At Physician Practice Specialists, our consultants collaborate with clients to design an RCM program unique to their practice’s goals. Implementing those strategies can simplify operations and increase income potential. Contact us today to begin the revenue cycle management consulting process.