Effective Tips For Better Revenue Cycle Management

To keep bottom lines healthy, organizations are turning to a process called lean revenue cycle management.

Here, Gallagher provides six tips on lean revenue cycle management.

1. Focused on the mission

In order to maximize the benefits of lean management, everyone involved in the improvement process must be aligned

2. Keep an eye on Changes

It is more important now than ever to keep up to date with latest legislative decisions,” Gallagher said.

3. Understand payer contracts

Gallagher says it’s crucial for those involved in the revenue cycle to fully understand payer contracts.  

4. Scope value stream

In lean management, a value stream defines all the activities — both value-added and non-value added — required within an organization to deliver a specific service

5. Information technology is not everything

Going out and purchasing what Gallagher calls a “magic” software package is not going solve the problem, revenue cycle management or otherwise.

6. Internal transparency

Gallagher said, “it is important to be transparent internally and to not point fingers or play the blame game, but rather to focus on what you can do to fix the process.”

Source: medicalpracticeinsider