Healthcare/Medical Practice Revenue Cycle Consulting
Though most agree that the revenue cycle is the lifeline of any healthcare or physician practice, a number of medical professionals continue to equate revenue with billing. The truth is, effective billing is a vital component of a healthy revenue cycle. Yet, time management and workflow are equally important, and this encompasses claim submission, denials, patient payments and reimbursement.
Imagine that a new patient calls a medical practice to schedule an appointment. It is the responsibility of the administrative staff to collect the patient’s demographic and health insurance information correctly so that benefits are verified and claims will not be rejected in error. While this initial conversation is important to establishing a positive first impression, it also signals the beginning of the revenue cycle. Once the patient comes in for his or her appointment, accuracy in the documentation of clinical notes, diagnosis and procedural codes are crucial in order for a claim to be submitted, accepted and paid.
Revenue Cycle Management and Improvement
Given the changing nature of healthcare, along with the addition of new coding specifications, medical practices shouldn’t take any chances when it comes to revenue cycle management.
As part of a comprehensive strategy to manage and improve revenue cycles for private and hospital-owned physician practices, Whybrew Medical Management develops solutions that are tailored to each facility and/or system. Taking into account the complexities of today’s economy, we come alongside medical groups with keen advice that will help alleviate the burden of claim denials and errors, as well as optimize revenue. We’ll assess performance risks and help practices improve patient encounters, reestablish cash flow and reduce expenditures. Contact us today.