Effective revenue cycle management (RCM) is at the heart of a financially and operationally healthy medical practice. There are thousands of examples out there that can confirm the importance of an efficient RCM process. However, to reap those benefits, you need to know how to implement the RCM process and what red flags to watch out for. With so many overlapping and complex processes entwined together to form RCM, even the most experienced veterans end up making mistakes. While these mistakes are often harmless, they can disrupt your practice’s cash flow and bottom line if not handled properly. Below are the five most common RCM mistakes that most practices make, and could have easily avoided, by forward-thinking and taking proactive steps.
  1. Failure to Timely File Claims
With claims submission being a time-consuming process, many practices choose to send out weekly batches of claims. A weekly submission not only increases the chances of a claim becoming lost, but also increases its turnaround time.

Read More

Schedule a consultation with one of our billing experts:

More Articles

Revenue
In: Articles
Best Practices in Revenue Cycle Management : Optimizing Front Office Operations

Key Takeaways Excellence in front office operations translates into excellence in revenue cycle operations Focus on excelling in these areas:...

Revenue
In: Articles
What Every Practice Should Know About Reimbursement Overpayment and Underpayments

Key Takeaways: Underpayments and overpayments are common – and both can be costly Self-auditing and self-reporting overpayments are important best-practices...

Revenue
In: Articles
New E/M Coding Changes Are Here!

Is your eye care practice ready for the changes to E&M codes?   For the first time since their introduction in 1992, the...