By Nancy R. Smit, MBA, RPT, RRT
Guest Contributor, Partner, RS&F Healthcare Advisors
Changes in the health care insurance and regulatory environment are occurring at a much faster pace than changes in most medical practices. One of the greatest challenges facing your practice today is maintaining profitability in the face of declining reimbursement and increasing insurance challenges. Here are the first 5 of 10 easy ways to help ensure that you receive the revenue that your practice deserves!
#1 – Strengthen your front-end processes to reflect the changing insurance environment.
Most practices staff their front desks, and therefore their patient intake process, with entry-level personnel. In the past, these employees were less critical to your revenue cycle, but as more payers shift financial responsibility to their members (your patients), the job of collecting coinsurance and higher deductibles must become a priority. That job starts when the appointment is made and your front desk staff first greet your patients.
The Fix: Place billing staff at the front desk or have your billing and front office staff partner with each other through training and support programs. Practices that do this have achieved significantly cleaner claims, lower A/R and significantly higher collections.Continue reading
