It can be overwhelming and frustrating to realize that your practice is not performing as well as it needs to financially. Many doctors are busy seeing patients during the day, and adding more tasks to the list feels impossible. A revenue cycle screen is one way to identify problems in your revenue cycle, develop solutions to fix them, and implement changes to ensure lasting success. What are some of the common things that are uncovered during a revenue cycle screen?
Poor Denied and Rejected Claims Management
Denial rates are increasing, and the average rate of claim denial for many healthcare practices is a whopping 20%. Sixty percent of those returned claims are never submitted, despite 67% of denials being recoverable with the proper documentation or information. If you do not have a streamlined way of processing denied claims and resubmitting them, you are part of the overwhelming number of doctors who leave money on the table.
Non-Existent Analytics
Modern software comes with seemingly endless options for analytics and data, and it can be difficult to know which metrics affect your bottom line the most. Only a fraction of all practices take advantage of the reports that are available at their fingertips. A revenue cycle screen can help evaluate the reports and analytics that you are currently using, as well as educate you on other ways to gain insight into how you’re doing.
Inefficient Patient Processes
How accurate are your patient records? Do you find that addresses, phone numbers, and insurance information go uncorrected until a claim is returned? Many practices struggle to update patient information and keep it updated throughout the year. A revenue cycle screen can teach you how to proactively update information, correct it rapidly, and submit accurate claims every time. This can also improve the patient experience and make your patients happier!
Schedule Your Revenue Cycle Screening Today
Consult CMF helps healthcare practices look critically at how they’re doing and find new ways to improve. Through our revenue cycle screening services, you can improve your revenue cycle management and master the basics that contribute to a thriving practice. To schedule your revenue cycle screening today, call us at (443) 472-6529 or click here.