Revenue Cycle: Avoid pitfalls, reap rewards

Q. What are the top three pitfalls of RCM that I should avoid?
Monday, April 23, 2018

The revenue cycle is a complex process with many moving parts. Those “parts” are better known as people and processes, and they need to work harmoniously in order for your company to achieve bottom-line results. Here are three pitfalls to avoid as you manage your revenue cycle:

Clicking the ‘print’ button

The average cost of every piece of printed paper is 2.47 cents (includes paper, toner, and the printer drum). Now, take any physical file on your desk and calculate the cost of that file. Plan on adding more documents to it? You will be adding cost and losing revenue. Today’s software systems can do electronic documentation management for you. Clinical documents, authorizations, EOBs, and ERNs—every document can be electronic, searchable and usable by your entire staff.

Missing out on low-hanging claims

The number one cause of lost revenue is not working holds daily and assigning them an owner. Generally, not working all of your claims daily is a source of lost revenue. If you are doing this, you’ll also be certain to work the timely filing deadlines. Intelligent work queues and high-level management dashboards built into your software system can bring a level of awareness that you and your staff won’t be able to ignore.

Lacking feedback systems.

When you have access to all your data, a productivity report can show areas of improvement between teams. Pull the teams together and discuss your findings. Ask them to give each other feedback and find ways to improve the processes. Increasing productivity will have a direct, positive impact on how fast you get paid and how frequently.

Technology offers many advantages to your business revenue. A tactical leader actively works to avoid pitfalls by making technology support every team member and process within the company.