Author name: Brooke Barry

By acknowledging this starting point and addressing issues that arise from it, you can solve many revenue challenges. It’s surprising how often an existing patient makes a new appointment but doesn’t mention having changed insurance, which goes undetected until your billing team receives a claim denial. And if you need help building those basics or solving any specific problems, we can help.

Sixty percent report being charged a percentage of the revenue they’re owed when they receive electronic funds transfers (EFTs). If you find yourself in this situation, don’t hesitate to reach out to an RCM partner with expertise in negotiating these types of fees. It’s money owed to the practice for managing a patient, and leaving those dollars behind contributes to the increase in administrative burden we’ve seen in recent years. By recapturing lost revenue associated with getting paid and ensuring you’re fully collecting everything owed, you can help improve the financial health of your practice And if you’re wondering, “How can an organization improve its revenue cycle management and lower fees?” reach out, and we can help you get started.

These issues can lead to payment delays and revenue loss for your practice. A consistent issue that I’ve seen is challenges associated with staff turnover. These issues can interfere with making informed business decisions and optimizing revenue cycle performance. A modern RCM system should offer patient-friendly features and support that enhance the overall patient experience, such as the ability to pay bills via text or online. If you’re considering making a change in your RCM process and are curious about the available options, contact us, our experts are here to help.

A recent survey found that practices increased their median total revenue per physician by 9.1% from 2020 to 2023, while their expenses rose by 26.5% during the same period. The good news is that once you know where to look, you can proactively create strategies to recapture that revenue and improve the health of your practice. As billing teams know, denials are expensive in terms of time and practice resources. If we suspect this type of challenge, our team will often go back to the enrollment files, determine whether there’s a setup issue, and contact payers to ensure the linkage is correct. So, rather than just take the word of what’s loaded in the system, when something isn’t adding up it’s necessary to dig down more granularly. It’s not always cut and dry, and it helps to have someone with expertise support you. And if you need help in identifying where you’re losing revenue and how to take steps to prevent it, we can help you with your healthcare RCM strategies.