A stable cash flow is an extremely important factor for the long term success of laboratory practice. The ongoing pandemic leaves a negative financial impact on the well-being of international healthcare systems. Optimization and increasing efficiencies is a controllable method to bulletproof client-facing employees’ methods in maximizing revenue cycles. Credence Global Solutions utilizes innovative technology-enabled solutions to drive efficiency, performance, and results to guarantee bottom-line improvements. The team at Credence has created a set of helpful tips to improve resource management in the healthcare sector.
1. Accurate Documentation is Key
A simple but often overlooked key in successful revenue cycle management is ensuring that front desk staff captures accurate and correct patient information. In preparation for medical claims, a minor error in information could lead to claim denials that slow down the revenue cycle for everyone involved.
Making sure the facts are correct isn’t the only things that staff need to ensure are accurate. Verification of insurance eligibility and policies of regular and new patients is also extremely important for processing claims. These processes can be aided by the successful adoption of an EHR system to update client information in real-time.
2. Automating Manual Prior Authorization Processes
Having prior authorization (PA) in hand before the initiation of testing procedures effectively eliminates the problems with payments from insurance payers and denials of appeals post-procedure. With Credence’s AI-driven options, PA’s can be secured in real-time from ordering providers or initiated, followed up, and monitored automatically.
3. Automated Charge Capture
By utilizing an automated charge capture system, providers are able to document and submit claims in a more efficient way. Innovations in these systems allow providers the chance to document and capture a charge in one fell swoop. This streamlining of revenue cycle management also improves the overall accuracy of provider claims. The kinds of tools that Credence employs are equipped with the most up-to-date and prevalent medical codes that apply to client services. This in turn lessens the chances of rejection or denial and allows for bringing in on-time and in-full service payments.
4. Coding, Billing, and Denials Management
The Centers for Medicare and Medicaid Services (CMS) released their 2020 changes to the ICD-10 and CLIA, resulting in increased auditing that targets labs that may have difficulties in unbundling or overbilling. This is the perfect time to investigate improvements to your RCM processes. Using an expert service like Credence Management Solutions will satisfy any questions regarding the shifts in CMS standards. Coding, billing, and denial management is always handled with the most current and relevant rules and regulations applied to all of Credence’s Clients.
Lab Revenue Cycle Management with Credence Global Solutions
Being aware of these tips and methods is important for the ever-innovating avenue of healthcare. Utilizing all the expertise that Credence Global Solutions has to offer will ensure client satisfaction, optimization, and increased efficiency utilizing accurate AI solutions.