Recently Quest Diagnostics sponsored a talk by speaker and author Elizabeth Woodcock, MBA, FACMPE, CPC who discussed key strategies for revenue cycle management success.
- Monitor Payments. Be sure the reimbursement matches the expected rate.
- Perform Financial Clearance. Confirm insurance coverage, benefits eligibility and financial responsibility.
- Collect from Patients. Ask politely but firmly for copays and owed balances.
- Manage Denials. Work denials within 72 hours of notification.
- Establish Employee Expectations. Experienced employees can take action on 50-70 accounts daily.
- Avoid the Snowball Effect. Delaying work (or not working quickly enough) leads to denials turning into write-offs, causing your profitability to suffer.
- Report on Key Performance Indicators (KPIs). Develop a dashboard and benchmark with industry norms.
To learn more about Quanum Revenue Cycle Management (RCM), a medical billing service from Quest Diagnostics, visit Quanum.com, or call 888-491-7900.