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Revenue Cycle Management Checklist - Key Steps You Need to Follow

Revenue cycle management is an essential task for any business to ensure that finances are managed efficiently. It involves tracking and reporting the income and expenses associated with a company's products or services. With our comprehensive guide, you can rest easy knowing that your revenue cycle management procedures are in order.

Verify Insurance & Eligibility

Verifying a patient’s insurance and eligibility is one of the essential parts of revenue cycle management. Before you can proceed with treatment or billing, you must ensure that there won’t be any issues regarding payment. This also helps reduce operational costs by reducing claims rejections due to incorrect information. We suggest using automated electronic verification systems for an efficient and accurate solution.

Collect Patient Demographic & Payment Information

Accurately collecting patient demographic and payment information is critical for successful revenue cycle management. If a practice fails to collect this information properly, it can cause significant problems downstream. Besides issuing invoices, practices must also collect and track payments from patients. This can be done through various methods, such as credit cards, cash, checks, or electronic fund transfers (EFTs). Make sure signed forms are on file for each payment method used by your patients.

Track Claims & Follow Up on Denials & Rejections

Get a head start on managing claims, denials, and rejections by having all your patient information up to date, including accurate insurance information. Track all claims in real-time to quickly identify discrepancies and make appropriate corrections to ensure payment is received as soon as possible. Follow up with payers on any claim that has been denied or rejected to obtain supporting documentation from them on time. Use automation wherever possible to track these claims more efficiently and free up staff time for other tasks.

Monitor Accounts Receivable Performance Through Revenue Cycle Management Analytics & Reports

Regularly review analytics and reports to track the performance of your accounts receivable. Monitor aging buckets, days in accounts receivable, payment trends, denials and rejections by payer, AR days per procedure code or CPT, unpaid credit balance report, etc. In addition to providing timely insights into claim performance, these reports will help with forecasting and budgeting. Financial indicators such as accounts receivable turnover ratios can indicate how efficient you are at collecting payments owed to you.

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