Keeping your practice financially healthy while meeting the needs of your clients is a delicate balancing act. Having a solid grasp of the healthcare revenue cycle helps you understand the strong and weak points of your business and keep your revenue under control. Not many would argue that your employees are overworked, with healthcare recordkeeping an overwhelming task. Using software to manage electronic records and your revenue cycle can make the process more efficient, require less manpower, and reduce the risk of errors.
Understanding the Revenue Cycle
The revenue cycle is made up of all points where revenue from a client is initiated to the point that it is paid. It starts at the appointment and moves through billing and into collections if necessary. To maximize the amount of money collected, it is important that billing is proper and complete. Maintaining accurate records of exactly what treatments and services a patient receives is vital.
There are different ways breaks can develop in the revenue cycle. Without a referral, an insurance company may refuse to pay a claim. Errors in coding or billing can lead to problems having a bill processed. Foregoing insurance verification and not following up on the appeal process are other areas where revenue can be lost.
Implementing an all-in-one electronic health record and revenue cycle management is an effective way of getting your healthcare revenue cycle under control. Working with a company that specializes in these types of solutions ensures that your solution will include the functions specific to your business, including an area for progress notes, withdrawal management, treatment plans, tools for communicating with patients and appointment reminders. If you are interested in implementing a healthcare revenue cycle solution for your business, get in touch with AZZLY to learn more about AZZLY Rise.
