Strategies to Minimize Time Allotted to Revenue Management

HealthDay News – A new module released by the American Medical Association (AMA) outlines strategies designed to maximize time for patient care by streamlining administrative work related to revenue management.  These recommendations form part of the AMA’s STEPS Forward practice improvement programs.

A practice management system (PMS) can be employed to streamline revenue cycle management processes. The PMS should be aligned with practice needs and requirements and should be compatible with the practice electronic health record.

Ways to make the revenue cycle management processes more efficient include allowing electronic verification of insurance eligibility before visits. Prior authorization burdens should be reduced using electronic transactions, which allow physicians to complete prior authorization requirements as part of the e-prescribing work flow. 

To save time and money, health care claims should be submitted electronically; using an electronic claim status inquiry can confirm receipt or determine the status of submitted claims. 

Electronic remittance advice should be used to simplify processing of payment information and can reduce burdens and quickly identify claims that require reworking. Finally, patient payment collection should be maximized by billing at the time of service.

Practice improvement strategies include:

1.  Verify insurance eligibility electronically before visits.

2.  Reduce prior authorization burdens through electronic transactions.

3.  Submit claims electronically to save time and money.

4.  Determine the status of a submitted claim.

5.  Use electronic remittance advice (ERA) to simplify processing of payment information.

6.  Maximize collection of patient payment.

Reference

Parks T. 6 Ways to Free Up Time In Your Practice. AMA Wire. Published May 6, 2016. Accessed May 20, 2016. Source code.