Your medical or health office wants to serve all its patients and clients well so they get better. However, since you’re a business, you also need to make sure you’re making money off of your clients. Medical revenue cycle management is the process of tracking them from their first registration to the end of their treatment.
Setting the Stage for Revenue
If you want revenue coming into your healthcare practice, then you need to establish three things:
1. Provider Productivity: The more services you offer, the more things you can make money off of.
2. Patient Volume: A higher number of overall patients diversifies your income streams even more.
3. Your Fees: You need to charge enough to profit but not so much to lose business. Insurance rates and regulations are also something you have to stay within the bounds of.
Collecting Payments
Once you have reasons to collect money and patients to pull it from, you need to actually do so. This happens along several channels:
• Insurance claims come from both government and private payers.
• Patient payments can include self-pay, co-pays, and deductibles.
• Collections matter for unpaid and late debts.
In Conclusion
One way you can improve medical revenue cycle management is by using virtual visits between staff and clients to facilitate communications when being physically present together is harder to do. To find out how you can use telehealth and telemedicine to keep staff and clients alike connected with each other, visit Azzly’s website at Sitename.
