The healthcare industry is growing with projections of 16 percent through 2030. With the highest overall expenditures in the world, the healthcare market will reach $7.74 billion by 2028. With those projections of growth, there should be no question of how profitable your healthcare organization will be.
To be successful, you need to understand and appreciate the complexities of the revenue cycle in healthcare. With our experienced team of experts at TempDev, we’ll help you overcome your medical billing challenges, while helping you improve your processes and procedures to achieve optimal success from your revenue cycle management.
What is the Revenue Cycle in Healthcare?
The revenue cycle in healthcare is a complex process that includes billing, processing payments, and collecting your revenue. To achieve the best possible results from your billing and claims management systems, you must minimize errors while ensuring enhanced revenue performance. Simplify your revenue cycle management process to avoid confusion and frustration.
With TempDev, you can redesign your workflow at your healthcare organization to ensure you’re able to better achieve your goals. We consult with you on the best medical billing tools and strategies to make your business organization more efficient and cost-effective.
What Affects Your Revenue Cycle in Healthcare?
Revenue cycle management (RCM) better facilitates the patient claim process along with payment billing, processing, and collection. Healthcare organizations must fulfill all admin and clinical functions to ensure patient satisfaction and a positive healthcare experience. TempDev’s team of NextGen experts can help you manage the essential factors in the healthcare revenue cycle to achieve the improved financial health you need. Here are the top factors:
Patient Demographic & Insurance Data
Inaccuracies in your patient demographic or insurance data can lead to a range of issues involving denials, unnecessary follow-ups, and missed delivered patient statements. It could involve something as simple as entering the data into the wrong medical record, choosing the incorrect insurance, or mistyping their address.
While these issues seem simple enough, taken together, the cost is $20 billion every year to correct and mitigate the errors. That’s why it’s so important to improve your data collection procedures with practice management software combined with consulting and optimization from TempDev.
While financial responsibility and insurance billing information go hand in hand, it’s still important to reiterate how important it is to collect accurate details for payment collection. A mistyped digit or missing information altogether means that your ability to process the claim is stopped in its tracks.
It’s up to you and your team to get the details from each patient as accurately as possible so that you can submit the claim and receive reimbursement. Even when you’ve done everything right, you still may face challenges with making sure your billing details are as accurate as possible. It’s still important to overcome those challenges and barriers, so you can improve your revenue cycle health.
Medical Billing System
Your medical billing and coding system is probably more complicated than you may even know, and what you don’t know really can adversely affect your success. With a systems training and optimization approach, you can streamline your billing systems, improve your order entry and processing procedures, and better ensure better improvements across your healthcare organization.
That’s why TempDev offers a range of options, including co-sourcing, outsourcing, and temporary billing support via TempBill, with options for the training and support services you need to ensure your success.
Estimates put medical billing errors as high as 75 percent of all claims. As many as 42 percent of the errors involved incorrect medical coding. You can often correct those simple coding errors when you integrate a review and audit process.
TempDev’s NextGen Audit Report for electronic health records (EHRs) tracks patient data, making sure you’re on track with accurate coding and billing requirements. As part of the consulting services, we customize your reports and tools to ensure they synchronize with the best practices and procedures for your practice.
How TempDev Can Help With Your Revenue Cycle in Healthcare
TempDev’s revenue cycle consultants can help you with a revenue cycle assessment, so you can gain insight into those areas that will directly benefit your bottom line. Whether you’re working with the challenges of high credit balances, bad debt, or even a massive amount of denied claims, we work to turn the situation around for you.
At TempDev, we identify your medical billing challenges as part of our review of your revenue cycle management. We consult with you on the top tips and tricks for revenue cycle management in healthcare. Our goal is to help you achieve improved workflow and streamline critical reimbursement tasks to ensure profitability and success.
Contact us here or at 888.TEMP.DEV to get the help you need with revenue cycle management.