Make Revenue Cycle Management More Efficient
Practice management systems (PMS) can be employed to maximize the time physicians spend on patient care.
HealthDay News — Strategies can be employed to maximize the amount of time available for patient care by streamlining revenue-related processes, according to the American Medical Association (AMA).
A practice management system (PMS) can be employed to streamline revenue cycle management processes. The PMS should be aligned with practice needs and requirements and should be compatible with the practice electronic health record.
Ways to make the revenue cycle management processes more efficient include allowing electronic verification of insurance eligibility before visits. Prior authorization burdens should be reduced using electronic transactions, which allow physicians to complete prior authorization requirements as part of the e-prescribing work flow. To save time and money, health care claims should be submitted electronically; using an electronic claim status inquiry can confirm receipt or determine the status of submitted claims. Electronic remittance advice should be used to simplify processing of payment information and can reduce burdens and quickly identify claims that require reworking. Finally, patient payment collection should be maximized by billing at the time of service.
"A new module from the AMA's STEPS Forward collection of practice improvement strategies can help your practice streamline revenue cycle management processes," according to the report.
- Parks T. 6 Ways to free up time in your practice. AMA Wire. Published May 6, 2016; Accessed May 20, 2016.