Don’t let revenue leakage drain your practice. With limited staff time and resources, it’s important to maintain a tightly run revenue cycle and increase practice cash flow whenever possible. Plug up these common revenue leaks to keep your practice afloat.
One of the most blatant sources of revenue cycle leakage is denied claims. Often times practices let denied claims pile up, and many of those claims are never resubmitted. While it does cost time and money to resubmit a claim, it costs more to ignore it altogether. Don’t let your hard-earned revenue slip away. Make sure someone on your staff is tasked with relentlessly pursuing every denied claim.
Even when you do remember to resubmit a claim, revenue is still leaking out of your practice. It costs $25 per claim re-submission, not to mention the time costs on your employees. In order to avoid revenue leakage, invest in the technology to prevent denials from happening. AccelaSMART will compare each charge against industry and payer standards to ensure that claims are submitted clean and correct the first time.
Even when claims aren’t being denied, you may be leaving revenue on the table. With different rules for different insurers, it can be hard to keep up with all the coding procedures and make sure you are capturing every charge. We recommend using custom rules to capture charges that you often miss. AccelaSMART also allows you to build custom rules that will flag down your coders each time you are missing a charge. This will maximize revenue while keeping your coding team from wasting time reviewing every single encounter.
As higher deductible insurance plans are on the rise, more of the responsibility to pay for healthcare falls on the patient. Collecting from insurance companies may sometimes be a pain, but that is nothing compared to collecting from patients. It is absolutely crucial to check insurance eligibility and ask patients how they plan on paying before they ever receive care. Once a patient leaves the office, it will be much harder to get paid.
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