Healthcare practices can simplify their daily operations and financial records with revenue cycle management. Professional teams provide healthcare-focused consulting services to help practices transition to more effective workflows and save money. Here is more information about revenue cycle management consulting services and the associated cost savings:
Cost Savings of Revenue Cycle Management Consulting Services
Consulting firms’ services can be customized to match your practice’s management or financial goals. Before creating this customized action plan, consultation teams will analyze your organization’s financial records to find areas for improvement. They examine monthly and yearly income and expense records to identify the most profitable business areas and places where the organization may lose money. Using their findings, consultants will craft a revenue management strategy that streamlines tasks and boosts earning potential. These are some of the top consulting services included in a revenue cycle management strategy for healthcare organizations:
Administrative Tasks
Revenue cycle management consulting services simplify the daily administrative tasks of your practice. This reduces the burden on providers, giving them more time to attend to patients and bring in revenue. It also reduces the burden on practice office staff, reducing the number of on-site employees required to run your facility. Some administrative tasks consultants handle include gathering patient information and inputting it into the facility’s database. Consultants can suggest or develop portals that simplify gathering patient information and tracking their account status. They might also implement a standardized coding system that improves service tracking for healthcare providers.
Coding and Claims
Reducing the amount of claims and coding errors minimizes the amount of income lost due to human errors. With a consistent coding system, practices can bill patients and insurers for the correct services and avoid lost revenue due to coding errors. Insurance claims might be denied for mistakes such as a misspelled patient name. Consultants help your practice submit accurate claims and track them through the approval and payment process. This helps reduce the amount of claims denials, resulting in consistent, timely payments for your practice. Consultant teams can begin the appeals process if claims are denied to help you get paid for your services.
Scheduling and Patient Data
Creating an efficient scheduling platform prevents overbooking and underscheduling, improving your practice’s revenue stream. Gathering patient information before their appointment allows the consulting team to verify that the insurance provider aligns with the practice’s network. This confirms that providers will be paid by insurers in the future and reduces the chances of patients missing their payments. Creating an optimized patient portal enables patients to schedule appointments and check their financial status with the practice from their own phone or computer. Consultants might suggest implementing other technology, like a telehealth appointment platform, to increase your accessibility to patients and boost profitability.
Records and Reporting
Consultants help your practice remain compliant with financial and patient data security regulations. Regulatory bodies like HIPAA and the IRS require high levels of patient security and financial transparency. Consultants confirm that all records are private and align with the services rendered and the practice’s pricing. This prevents potential legal consequences that can have financial implications. Tracking all payments and expenses helps practices prepare for future tax assessments and set goals for the next fiscal year. Consulting teams also use these financial records to identify areas where profitability can be increased.
Work With a Reputable Consulting Company
Before choosing a consulting firm, explore their services. Look for a team that offers 24/7 support or live chat features to help resolve technical issues. Additional services a consulting firm might provide include contract negotiation and credentialing. These services are helpful for new healthcare practices that establish payer agreements and hire providers. Contact a reputable healthcare consulting team today to learn more about streamlining your practice’s daily operations.
