This is the first of a four-part series on the revenue cycle. Our next installment will help you identify holes in your billing cycle and where revenues often leak. In the third article of the series, we will discuss how to tune up your revenue cycle—how to identify the biggest issues in your revenue cycle and some insight on how to benchmark your revenue cycle against the competition. Our final article will discuss how to improve payer performance and better manage and monitor your contracts with payors.
Physicians are always challenged to find ways to generate revenue from their medical practice. Nearly every function in your hospital or practice can generate revenue, yet many are leaving money on the table. Smaller practices, in particular, do not have sophisticated practice management systems to help them see the big financial picture or not using a billing partner to assist them in collecting money.
“One way practices can be proactive in determining solutions that make sense to their specific need and their speciality is to look for a partner, such as billing company, that can focus on some of the challenges they are faced with so they can do what they do best—diagnose and treat patients,” says Jackie Willett, president of the Healthcare Billing & Management Association (HBMA) and senior vice president for Intermix. “The billing partners could help maximize reimbursements as well as ensure compliance in regard to coding and billing regulations.”
Before you begin to worry about how to collect money, you first need to understand how to make money off your practice and where in your practice can you derive revenue.