Focus on insurance verification! This will help improve your patient payments for the new year. As the year is kicking off, insurance deductibles will reset to zero. Your practice can prepare for by reminding and training front end staff to verify plans and benefit levels for current patients. Doing so within a short window of time and before the patient's appointment ensures patients are prepared to pay costs upfront.

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Stratify your aged trial balance by payer, dollars, number of accounts and average account balance. Start with the oldest accounts worth the most dollars and establish a strategy to impact those accounts. Try a new tactic as older accounts leveraging previously used tactics have a lower likelihood of success. If you work with commercial payers, meet and negotiate changes that decrease costs for both parties and increase throughput and processing times. Do your homework—approach payers

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Meetings with individual staff can be a valuable tool to better RCM performance. When you meet, compile all notes and organize them into categories. These can include system issues, insurance issues and employee issues. Review patterns observed and implement a plan with the staff member to resolve them. Communicating resolutions supports the staff’s efforts and gives opportunity to continually

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Action logs can help providers improve efficiency in resolving revenue cycle issues. One way is to eliminate meeting agendas and minutes. Rather, prepare an action log. This will keep meetings on topic and allow time to follow-up on meeting tasks. They also make the meeting focus more on resolving current issues to enhance

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Revenue management is a critical part of every medical practice. Declining reimbursement, shifts to value based care and stringent quality standards and denial of claims are some challenges in private practice. With the given challenges, it is all the more important for private medical practices to focus on patient collections and intelligent revenue cycle management...

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