Surviving and thriving in the healthcare industry is not always easy, especially if you do not have proper revenue cycle management (RCM) procedures in place. Unfortunately, some companies fall for common RCM myths that leave them wasting time and money on things that won’t actually help their businesses improve. In this blog, we’ll be busting some of the most common revenue cycle management myths.
Patient Experience Is Separate from Revenue Cycle Management
While it might seem like revenue cycle management is a totally separate part of your business, patient experience and care have a direct impact on how easy the RCM process is. For example, if a patient visits your practice without updating their insurance information ahead of time, it can lead to a claim denial or delay payment for their visit. Additionally, it might result in them receiving a bill for their care that is inaccurate, which will delay their payment of the portion they are responsible for. When patients have bad experiences at a practice, they are much less likely to return in the future, leaving you to make up that lost income.
This single hiccup in the revenue cycle management process has now delayed your reimbursement, frustrated your patient, and eaten up a great deal of time and money. When patient experience and RCM are both working together, it’s easier to succeed. An experienced RCM partner can help you identify where you’re going wrong and improve your practice.
There Is a One-Size-Fits-All Solution
Even if you are working in the same specialization as another doctor, there’s a good chance that your practice is not identical. You might work with different insurance providers, have different infrastructure, or require a different workflow. As a result, working with a third party to find the right revenue cycle management solutions is a great idea. There is no one piece of software or solution that will solve every practice’s problems, so working with an expert is a great way to find what is right for you, not what is right for some.
Out-of-Pocket Payments Don’t Matter
This revenue cycle management myth often comes from larger healthcare providers, like hospitals, where out-of-pocket payments make up a small amount of revenue overall. However, in smaller practices and more suburban and rural environments, out-of-pocket payments are a key part of revenue cycle management. Millions of Americans have no insurance or inadequate insurance, so ensuring that you are able to offer accurate estimates and accept multiple payment methods can grant you access to these underserved markets.
Schedule Your Free Consultation Today
Consult CMF helps healthcare practices look critically at how they’re doing and find new ways to improve for better financials and more growth. Through our financial and performance services, you can improve your revenue cycle management and master the basics that contribute to a thriving practice. To schedule your free consultation today, call us at (443) 472-6529 or click here.