3 Best Practices in Revenue Cycle Management (RCM)

Healthcare companies that boast quick payments, easy patient communication, and efficient billing systems all have one thing in common: excellent revenue cycle management (RCM). Optimizing your business’s RCM is the fastest way to reduce DSO, collect more of what you’re owed, and expand your patient base. By implementing practices like these, you’ll find solutions to today’s problems as well as ways to stay on track as your business grows.

1. Clean up patient intake

Is your staff still putting pen to paper every time a new patient enters your program? If so, you’re likely wasting valuable time processing physical documentation, tracking down paperwork, and correcting errors. But when you take advantage of opportunities to digitize patient intake, you can stop problems before they start by preventing clerical errors and opening up communication.

Ashley Brown, Brightree’s Senior director of operations, says it best in this video:

“The best practice for clean intake is ensuring that you are responding to your incoming referrals in a timely fashion.”

Ashley Brown

When you’re able to eliminate your backlog of referrals, you’ll be on your way to financial success because new efficiencies in intake flows to your ability to maximize revenue.

2. Reply on system experts

Which sounds better: working on a system that is prone to human error and vulnerable to manual delays, or using a proven, successful method for automatically connecting with patients, receiving payments, and tracking critical data? While there’s just no substitute for today’s sophisticated software options, many providers are looking for expert guidance on these systems to handle their biggest medical billing problems.

Analysis of customers using our RCM services has shown our ability to impact everything from reducing held A/R and DSO to improving collections-to-billing ratios. In fact, our customers achieve an average of 24% increase in net revenue collection and a 50% reduction in DSO.

The ability to use your systems to the fullest capacity also allows your qualified staff to spend time on prioritized projects rather than filing paperwork and chasing down payments. You no longer have to worry about tasks like:

Collecting and validating patient insurance information
Sending follow-ups and billing reminders
Recommending actions to solve payment issues
Recording data and providing accurate metric analysis

Brightree’s pharmacy software allows you to manage your home infusion, ambulatory infusion, and pharmacy businesses with one solution, plus get tailored implementation and real-time support.

Find out how our real-world expertise can help you. Request a consultation today.

Watch this video

Watch this video to hear more about how one provider was able to experience rapid company growth by streamlining inefficient billing practices.

3. Find specific solutions to specific problems

If you’re like many HME providers, you struggle with low collection rates and high costs to collect insurance reimbursements. With so many factors that go into keeping your revenue cycle running smoothly and payments rolling in, you need to be able to accurately identify where you’re falling short and what you can do to get back on top.

When you’re at the point where you want to grow your revenue but don’t know where to start, a specialized outside service with healthcare revenue cycle management experts who can help you analyze your processes may be your next best step. When we consult with healthcare companies, we look for things like:

Cleaning up growing held A/R so it can be maintained
Finding critical gaps so you can adjust your processes
Using benchmark performance indicators to monitor your cashflow for improvement

With an expert team on your side that is dedicated to helping you process incoming referrals and claims and manage A/R in an integrated, secure environment, you can revolutionize your RCM system like Aeratech Medical. Hear from CEO Roy Neely in this case study on the importance of teaming with revenue cycle experts like Brightree who can determine the best way to collect money for your business.

Learn more about one company’s success at revolutionizing its RCM systems in this case study. “I know that we have the same goal in mind and that’s determining the best way to collect money,” says Aeratech Medical CEO Roy Neely of Brightree’s team.

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Putting the practices in place

Taking your revenue cycle from a constant headache to a streamlined system that runs itself will transform not only your cashflow but your business’s ability to reach unprecedented growth. Whether you’re ready to make a move now or you’ve just started to contemplate your next steps, teaming with a company like Brightree puts you at the forefront of a technology-driven, integrated RCM strategy.

We’re here to help. Get in touch with a Brightree expert today to find the right solutions for your business.

Request a demo today for a closer look at Brightree.

See what Brightree can do for you

Brightree

Brightree enables out-of-hospital care organizations to improve their business performance and deliver better health outcomes. As an industry-leading cloud-based healthcare IT company, Brightree provides solutions and services for thousands of organizations in home medical equipment and pharmacy, home health, hospice and home infusion. Brightree is a wholly owned subsidiary of ResMed (NYSE: RMD, ASX: RMD). To learn more, visit www.brightree.com and follow @Brightree on X.