Revenue cycle management is critical for any orthopedic practice. It is how cash flow is generated, which it is the lifeblood of your practice.
If your revenue cycle is not managed properly, crucial revenue will be lost and chances are your practice is not in good financial health. Effective revenue cycle management involves many critical and detailed processes.
There are three steps that you can take to improve the effectiveness and efficiency of your revenue cycle:
Data Gathering and Eligibility Verification: Data gathering is crucial, when a patient sets an appointment, get the insurance information so that it can be verified before the appointment. This will greatly speed up the payment process and allow time to clear up any insurance problems or allow for alternative payment means to be established ahead of time.
Use the Right Numbers: Inputting accurate registration and billing information is a critical first step. Posting the charge with the proper diagnosis code and CPT Service code is the next part of the process. By improving accuracy you are able to speed up your billing process, ensuring proper reimbursement more quickly!
Automate Posting: The revenue cycle process is facilitated by electronic data processing for claims and remittance payment posting. Automated posting saves time that can be used for other more important purposes. The quickest way to a zero balance is to automate tasks that do not require personal attention. But remember the old adage of garbage in garbage out, the correct information is absolutely essential.
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