Managing The Revenue Cycle

Posted by Ecareindia on April 3rd, 2013

The ultimate goal of medical billing companies is to render exceptional medical billing services to its clients, thereby increasing the revenue generated. Although they burn the candle at both ends to carry out medical billing services seamlessly, errors do happen due to several factors. Consequently, managing a proper revenue cycle has become a Herculean task for medical billing companies. A tightly-integrated, seamless medical billing process flow, which contributes to a positive cash flow, revolves around various factors, which are explained below,

• Technology: Among several factors that influence a medical billing process flow, technology stands first. It has a great part to play right from entering the patient demographic information into the billing software and transmitting claims electronically to automating claims resubmission and posting payments on to the billing system. Therefore, technology has to be frequently updated for seamless medical billing process flow and proper revenue cycle management.
• Accuracy: Performing medical billing services accurately is as important as performing them swiftly. Initial processes like medical coding and charge entry require great care. If errors occur, they are reflected in the claims submitted, resulting in denials. Therefore, accurate patient data entry, coding, billing and claims processing are crucial for a good revenue cycle management.
• Shared Responsibility: From management to billing staff, all employees must share equal responsibility in the ups and downs of a revenue cycle. They must be elucidated as to how each one’s contribution influences the cash flow.
• Prioritizing: When claims get denied, they have to be immediately analyzed and corrected for re-submission. They get accumulated as backlogs when medical billing companies fail to act promptly. The best solution to keep cash flowing seamlessly is to follow the ‘FIFO’ or ‘LIFO’ method, which prioritizes denied claims from old to recent based on requirements.
• Adapt to Changes: It is highly important that medical billing companies as well as Healthcare Providers keep pace with the changing healthcare trends. ICD-10 implementation and HIPAA 5010 migration are some of the changes, which have convoluted the usual medical billing process flow. The revenue cycle remains unaffected if medical billing companies swiftly adapt to these healthcare changes.
• Monitor Payments: Whether it is insurance or patient payments, keeping a keen watch is vital, because they have a direct impact on the revenue cycle. Posting payments are equally important as that of monitoring. Therefore, a dedicated team must be assigned to take care of monitoring and posting payments for a positive cash flow.

It would be difficult for medical billing companies to keep a check on all these factors apart from providing medical billing services to their clients given that they face constraints, especially in terms of recruiting and training billing staff. Therefore, they can take help from renowned offshore vendors like e-Care India.

About e-Care India:
e-Care India is one of the renowned medical billing companies in India that promises the above mentioned benefits with total customer satisfaction. With 13 years of experience in the industry, e-Care’s offshore medical billing delivery centers have been providing end-to-end medical billing services seamlessly to its clients. To know more about e-Care and its services, log on to www.ecareindia.com