How to Overcome Common Problems Faced in Medical Revenue Cycle Management

From standardizing medical administrative tasks to managing the insurance claims, revenue cycle management has revolutionized the medical billing system. It has not only enhanced patient care but also boosted cash flow of healthcare facilities across the US. However, many physicians and medical staff still find it challenging to cope with the enterprise level technological system of revenue cycle management and most practices collect at or below national averages. Here’s how you can fix some of the commonly faced problems faced when executing this system:

• Lack of proper training
  Even if the electronic medical billing system comes with the assurance of ‘ease of use’ the physicians, medical staff, or providers who are responsible for managing the system must be provided with proper training and demonstration. So the facility should make sure the system provider goes an extra mile and train them to ensure accurate data entry and billing process.
• Expensive EHR system
  Not every EHR is cost-effective and this happens when the system is not customized. You can save a lot of time and cost overruns if you customize the medical revenue management system per the relevant requirements of both the facility and patients.

Also read: How Customized Billing Services make Medical Revenue Management Easy

• Inefficient patient claim management
  As the cloud software stacks a lot of users in the system, it becomes quite difficult for the facilities and providers to manage the increasing number of patients and keep track of their patient statements. They must ensure the billing solution is smart enough to not only classify sign-ups, activations, and updates but also provides a dashboard to make it easier for the staff to view the data whenever required.
• Transaction failures
  Transaction failure is again a common problem faced by the system users and most of them complain about the inability to rectify the situation. Make sure the system is well equipped with features like automatically managing failed transaction issues and notifying the users immediately.
• Coding errors
  Medical insurance claims management becomes difficult if there are any faults in the coding system. This can be one of the major reasons behind the increase in claim denials. The facility should ensure they install a state-of-the-art cloud system that upgrades itself accordingly.
• Consistent system support
  Although the medical billing system takes care of IT tasks all by itself, they often come across technical issues every now and then as no electronic software comes with the assurance of being ‘glitch-free’. It is, therefore, important for the healthcare facility to ensure they are offered with consistent support for the maintenance of the program.

Are you already facing these problems? Is there any other problem that is not mentioned here? Do share your insights with us here.