What is revenue cycle management and should you worry about your behavioral health facility’s? Revenue cycle management refers to every step in your billing process from the patient’s authorizations to your reimbursement. Having an unhealthy revenue cycle however, can lead to consequences such as claim denials and leaving earned money on the table. At Billing Solutions, we have over 50 years of combined experience in healthcare billing and know the best practices for managing your revenue cycle, so you can ensure your facility is maximizing your revenue. Here are a few best practices we’d like to share with you:
Automate Authorizations
The first step to managing your revenue cycle is to verify your patient’s eligibility for care at your facility. Insurance providers make the authorizations process extremely complicated and ever-changing. By automatic your authorizations process, it’ll standardize your admissions process and leave more time for your clinicians to welcome new admits to your program. At Billing Solutions, our expert authorizations team can help you navigate the complexities of the process and will advocate for your patient’s to receive coverage for the maximum amount of days medically suggested.
File Claims in a Timely Manner and Get Paid Faster
With clinicians being forced to split their time between the patients and billing, this could lead to claims not being submitted before insurance deadlines. Billing Solutions provides an electronic claims submission tool to help get your claims submitted not just before the deadline, but as soon as possible — allowing you to receive your reimbursements faster than ever.
Use Billing Software to Promote Transparency
While you may think you have full knowledge of your revenue cycle, as your facility grows, it becomes difficult to check up on the health of your revenue cycle. By using a billing software portal, you can quickly check on the statuses of authorizations, claims, and revenue at a glance. That’s why Billing Solutions developed their own client-facing software, Nectar. The portal keeps track data in real-time to provide you with superior transparency, thus allowing you to assess and align your revenue goals.
Provide Coding Education for Clinicians
Billing Solutions has years of superb experience managing behavioral health facilities’ billing and one of the biggest mistakes a company makes that results in a loss of revenue is not properly training staff in the billing process. This can lead to errors in medical coding causing denied claims, delayed payments, and loss of money well-earned. At Billing Solutions, we can provide training for your clinicians, so they understand the importance of using the right billing codes and getting them right the first time around.
Invest in a Third Party Billing Company
The best practice for managing your healthcare facility’s billing is by outsourcing to a third party billing company. Your specialty is running a behavioral health facility and managing your billing in-house will only take focus and time away from your program. Leave it to us to manage your revenue cycle, while minimizing errors and maximizing your revenue. Stop trying to be a billing company in addition to a behavioral health facility and reach out to us today. Find out how much money you’re leaving on the table by managing your revenue cycle in-house and get a free account review and analysis from one of our financial experts.