Revenue cycle procedures begin with efficient appointment scheduling and end with payment for billed charges. By attending carefully to each step of the revenue cycle process, you can eliminate problems that may cause your practice to lose money. TMA Practice Consulting recommends you:
- Schedule appointments to avoid "dead time" in the physicians' work day. Verify insurance eligibility and benefits prior to the patient's appointment, and confirm referral or precertification information prior to seeing the patient.
- Collect the patient's copay, coinsurance, deductible and outstanding balances at check-in.
- File claims that accurately represent services rendered. If necessary, train any physicians who need to improve their coding skills.
- Investigate the cause of rejected claims, refile if necessary, and correct any internal problems that caused the denial.
- Track accounts receivable and implement a standard collection procedure.
TMA Practice Consulting can help by assessing the revenue cycle procedures in your practice and providing written recommendations for improvement.
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