Do you know the 7 key strategies to optimize your practice’s revenue cycle?

Recently Quest Diagnostics sponsored a talk by speaker and author Elizabeth Woodcock, MBA, FACMPE, CPC who discussed key strategies for revenue cycle management success.

7 strategies for revenue cycle success

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They include:

  1. Monitor Payments. Be sure the reimbursement matches the expected rate.
  2. Perform Financial Clearance. Confirm insurance coverage, benefits eligibility and financial responsibility.
  3. Collect from Patients. Ask politely but firmly for copays and owed balances.
  4. Manage Denials. Work denials within 72 hours of notification.
  5. Establish Employee Expectations. Experienced employees can take action on 50-70 accounts daily.
  6. Avoid the Snowball Effect. Delaying work (or not working quickly enough) leads to denials turning into write-offs, causing your profitability to suffer.
  7. Report on Key Performance Indicators (KPIs). Develop a dashboard and benchmark with industry norms.

To learn more about these strategies, you can watch the video of her talk  or read this article.

To learn more about Quanum Revenue Cycle Management (RCM), a medical billing service from Quest Diagnostics, visit Quanum.com, or  call 888-491-7900.

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