Three revenue cycle management tips to simplify your Medicare claims
Revenue cycle management should be a priority throughout the patient’s journey from the moment a patient walks in to receive healthcare services, to the moment that patient pays their final bill. There are many opportunities along this journey for healthcare providers to make their revenue cycle more efficient and productive.
These big-picture tools help along the way: clear communication, top-notch staff training, superior organization and state-of-the-art technology. But this high-level, simplistic view of revenue cycle management just scratches the surface when it comes to Medicare claims.
When your revenue cycle management journey includes Medicare, you’ll often experience detours, obstacles, errors, stalls and redirects. (And sometimes you have to do it all over again.)
The job of advanced technology is to make this journey as smooth as possible. Simply put, technology’s main goal is to improve revenue cycle management. This includes such things as: eliminating redundancies, reducing or removing human error, easing frustration and getting that final bill paid quickly and correctly.
What are the best ways to get your Medicare claims to the finish line? Are there ways to save time and money along the way? Here are three tips to help simplify Medicare claims:
Tip #1 Use your time wisely
It seems like every week there is a new rule or regulation from CMS. Keeping up with these changes is a job in itself. When preparing documentation for Medicare claims, who has time to do anything more than once?
CMS continues to toughen its claims scrutiny, and organizations could see an increase in post-payment reviews. Plus, changing payment models are boosting the number of denials and the need for appeals.
Your time is important. Automate your most time-consuming processes: submission and tracking of ADR responses, RAC audit information and appeals.
Tip #2 Pass on paper
These days, stationery stores have all but disappeared, but the healthcare industry still loves (and uses a lot of) paper. Did you know 50 percent of healthcare claims are filed are on paper? This can result in errors and wasted time.
Paper wastes a lot of money, too. A recent CAQH Index® report shows a staggering $8.5 billion is being wasted on medical providers manual transactions.
Reduce your overhead and save time by eliminating paper, printing and mailing costs. Instead, submit your Medicare documentation using secure, HIPAA-compliant electronic delivery.
Tip #3 Let technology do the heavy lifting on Medicare claims
Technology plays a critical role in successful claims management. It can streamline your process for secure submission, tracking, and reporting for Medicare claim review programs, and even help ensure proper reimbursement.
Medicare claims offer unique challenges that only the most adaptable, comprehensive and robust application can handle. It’s worth investing in software to support your billing team every step of the way, and our solutions can help.
Discover how our Medicare Claims Management Software can make Medicare billing a whole lot simpler for you.
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