How to Hire the Best Revenue Cycle Management Team

06/21/23 • 2 min

Revenue cycle management is a vital part of your office's success. Click here to learn how to hire the best revenue cycle management team for your practice. Considering that the revenue cycle management (RCM) industry grew to more than USD 126 billion in 2021, it makes sense that RCM teams should be high-quality. But what should you be looking for when hiring the best revenue cycle management team for you and your projects? There are many revenue cycle management team options to choose from, and some may be better than others, depending on what you're looking for. Keep reading and learn how to choose the best revenue management team for your needs. Team Structure Team structure is very important when choosing a revenue management team. Team structure has everything to do with the number of people in a revenue management team and how those members interact with each other. First, you should consider how many members you want your team to have. Having too few members will render the team inefficient. On the other hand, having too many members could get cumbersome and expensive. Instead, you will want to find a happy medium of 6 to 10 members or so. However, this number may be slightly larger or smaller depending on the volume of work you need to be done. Once you figure out what kind of team structure you want, it will be much easier to narrow down your team choices. Keep in mind that the individual experience and expertise of each team member are also important. Some team members may be more skilled in certain fields than others. This variation is important to ensure that your revenue cycle management team can tackle all sorts of problems without being stunted. It will also ensure that your team is well-rounded and able to take on virtually anything you throw its way. Skills and Communication Without the right skills, a revenue cycle management team won't be able to accomplish much of anything. Before hiring anyone, you'll want to ensure that a given team has all the skills you're looking for. Otherwise, you might find that your team isn't measuring up to the expectations you had planned out. In the same vein, you should make sure that your team is trained in the correct way. As long as the team is trained, the team members shouldn't have any trouble completing their usual tasks. Good training will also make sure that ordinary work flows smoothly and that there is little to no interruption between work tasks. Finally, you should consider the quality of communication before hiring a team. Communication is important for a variety of reasons. If team members can't communicate with each other, it will be very difficult for the team to complete a task even if they are all individually skilled. It is also important for the team to communicate with you. That way, you can keep track of the productivity of the team and if the members are working as they're supposed to. How To Hire a Great Revenue Cycle Management Team Hiring a revenue cycle management team isn't as hard as you might think, but there are a few factors you need to consider. For example, you should always make sure that the team has the right skills, good communication, and team structure. To learn more, click here.

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A Complete Guide to Proper Medical Claim Denials Management

Are you wondering how to properly handle your claim denials? Check out this complete guide to proper medical claim denials management. Did you know that medical claim denial rates have risen 11% across the US since the pandemic first began? More importantly, most of these claim denials were due to data entry errors and insurance coverage problems. If you're experiencing issues with medical claim denials, knowing where to begin to fix this process can be overwhelming. You need to take a step back to identify the problems, but you'll need to know what to focus on first. To learn more, keep reading this guide to see how to effectively deal with medical claim denials so you can get back on track! Identify the Problem The first step in claim denial management is identifying the key problems. This is also the best way to prevent them from happening again. It's essential to be aware of the most common reasons for claim denial, which include: Submitting claims and initial rejections past the insurance company's claim deadline Submitting claims that aren't covered by the patient's insurance plan Not getting proper prior authorization before services are completed Claims that have missing or incorrect patient information Duplicate claims submitted for the same service The provider is out of network The insurance company deems the service not medically necessary Medical coding mistakes like using the wrong code for a service Finally, bundled medical codes are one of the biggest issues that can cause medical claim denial. With bundling, certain services must always go together; therefore, they are always billed together. Claim denials mainly occur when you don't bundle the correct services together or try to bill certain services separately. Medical Claim Denial Solutions Next, you'll need to be proactive and act quickly when you receive a claim denial. You'll need to form a denial management plan so you know what to focus on first. You can start this process by taking steps that include: Create a Task Force To analyze the denial trends and determine a timeline to deal with claim denials, you'll need to choose key staff members from each department. They'll need to contact insurance companies, talk with staff, and pinpoint claim format issues. Improve Patient Data Entry Quality Next, you'll need to focus on the patient data that's entered at the time of registration. It's important to narrow down the source of where the errors are coming from and make plans to improve this process. You'll need to provide staff training on data entry, insurance verifications, and claim deadlines. You'll also need to conduct frequent performance audits to ensure compliance. Outsource Your Medical Billing and Coding One of the best medical claim solutions is outsourcing your billing and coding, which puts your entire denial management plan into place in one step. You won't have to worry about re-training staff, hiring new billing or coding staff, or dealing with claim denials. You'll also save money long-term as professional billing, and coding companies offer you expert billing and coding services at a reasonable cost. Along with claim denial management, these companies also take care of a variety of processes, such as: Insurance verification and preauthorization Medical coding with accurate diagnostic and treatment codes Enter charges for services performed for all your patients Submit all your medical claims Insurance payment

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5 Ways to Make Your Healthcare Practice More Efficient

Are you wondering how you can change your ways to make your practice run better? Check out these five ways to make your healthcare practice more efficient. A report in 2019 found that 44% of physicians had symptoms of burnout, and much of this was due to an inefficient workflow. To avoid this and make your healthcare practice efficient long-term, you need to focus on updating your technology and outsourcing some of your key processes. Keep reading this guide to learn five ways to make your medical practice operations run more efficiently! 1. Outsource Your Medical Billing and Coding Remember, your healthcare practice operations rely on efficient and accurate coding and billing of all medical claims. Medical coding can be time-consuming, complex, and expensive when you rely on in-house staff. Professional medical billing companies are experts and will ensure your claims are accurately submitted and provide countless benefits to your practice, including: Using certified professionals reduces medical billing errors It saves you money on maintaining billing software and supplies Improves your cash flow as there won't be interruptions due to staffing Improves your patient satisfaction as you'll have fewer billing issues Using professionals guarantees compliance with current coding regulations You'll also get detailed records and performance reports. As a result, you'll get an excellent overall picture of how your practice operates and better insights on how to make further improvements. 2. Invest in Secure Messaging Systems Secure communication systems can take your healthcare clinic to the next level. You can easily modernize services such as: Online appointment scheduling Automated appointment reminders Secure online prescription requests Your staff won't be overrun with constant phone calls, and thus will be able to focus on other tasks more efficiently. You'll also be able to delegate certain times to address the incoming messages you've gotten during the day. 3. Take Your New Patient Paperwork Process Online Your next step to efficiency is getting your new patient paperwork online. Having your patients fill out the paperwork when they arrive wastes time and delays your daily appointments. Even if only half of your patients go online to complete this paperwork, you're still saving time and money since you make your days more efficient overall. 4. Update Your Inventory Practices Keeping track of inventory needs can be a huge drain on the efficiency of your healthcare office. You likely have inventory in different exam rooms, storage closets, and your office area. This makes getting an accurate assessment of your inventory on hand not only difficult but a hassle for your employees, too. Once you switch to inventory management software, you'll get automatic alerts when your stock is low or expiring. It's an easy way to reduce unnecessary spending and boost productivity. 5. Invest In Employee Wellbeing Your employees make or break your medical practice, and team-building activities like weekly lunches are key to your practice's efficiency. It's also well worth the investment to give your employees a peaceful place to relax and re-energize during the day. Some quick ways to do this include: Bring old books and magazines Have chairs or a sofa for lunchtime power naps Provide yoga mats for meditation Consider a diffuser with lavender to promote relaxation Have dim lighting so employees can rest Install a coffee station You can also send out a survey to see what your employees would li