The medical billing and coding process is complex. Billing may take days, or months, to finalize when a patient presents with a significant medical history or complicated case. Coordinating internal practice work flow with external clearing houses and claim processing vendors demands continuous review even for routine care. There are ways to improve the billing and coding process, facilitating faster submission times and higher first-pass approval percentages.

A recent KLAS report provides interesting insight into how providers view their practice management revenue cycle efforts. The study, titled What's Happening Behind the Billing Office Door, showed there is still room for improving Revenue Cycle Management processes. Consider these four findings from the report.

Vetting Revenue Cycle Management Companies is almost as complex as managing the revenue of your practice yourself. Naturally, you want to find a company that utilizes certified technology approved by CMS and compatible with MU guidelines.

Revenue Cycle Management has one primary goal: Improve your financial standing. As you establish clinical and operational goals, you should be focusing on that one core principle. The year is winding down. As you look back at your 2015 RCM goals, can you see how each goal ties into improving the revenue stream? If not, here are some ways to ensure your goals support your RCM core principles.

Selecting the best-fit revenue cycle management (RCM) system for your healthcare organization is critical for success. Beginning before the first appointment scheduling inquiry and continuing through revenue capture and reinvestment, the process must be transparent. To align initiatives with practice objectives, healthcare providers depend on a blend of unique data, health intelligence, clinical data, and claims data.

It's no secret that revenue cycle management (RCM) is becoming more complex every day. Based on recent studies, patients will assume greater financial responsibility for their healthcare in the next few years.

Increasing profitability and eliminating unnecessary administration burdens enable medical providers to focus on patient services and care delivery. Revenue Cycle Management (RCM) services allow practice administrators to nurture financial performance while medical staff nurtures healing and disease management.

Administrative burdens are taking the joy out of practicing medicine. Based on a RAND study that explored premature burnout, incoming AMA president Steven J. Stack, MD recently confirmed what many doctors have known for years. Overwhelming regulatory burdens are cutting into time formerly spent interacting with patients, reducing job satisfaction, straining tight budgets to near breaking points, and triggering earlier retirement. Stack said, “A healthier, happier nation (needs) a healthier, happier physician workforce.”

Now more than ever before, specialty practice administrators must think critically about balancing clinical and administrative skills with patient outcome goals and experiences.

It should go without saying that Revenue Cycle Management (RCM) Services streamline claims processing and support financial stability. But, many specialty providers still don’t fully grasp the significant role that RCM plays in patient engagement and brand confidence building.