5 best practices of outsourcing revenue cycle management
In home health and hospice, managing your revenue cycle can be downright difficult when you tackle it on your own, even with a robust EHR — especially in the face of today’s staffing shortages, regulatory changes, and revised Medicare assessments. Through our partnership with HEALTHCAREfirst, this blog explores five revenue cycle management (RCM) outsourcing best practices that can help keep you in the black.
1. Simplify performance management
The performance scorecard is a key tool to have in your business arsenal, but it’s important to keep it simple. As you’re defining your key performance indicators (KPIs), start small. Look at a handful of data points on the clinical and financial sides that directly impact your cash flow. Focus on a few goals when it comes to data: capturing it and making it actionable — making sure the data is well defined and accurately measured so you can act on it.
2. Submit cleaner claims
The cleaner your claims are, the more predictable your cash flow will be. We recommend not waiting around for scrubs to be completed before checking claims for accuracy.
3. Connect your finance and clinical teams
Your finance team should interact with your clinical team for optimal performance. With stand-up calls, these teams can connect to facilitate claims processing. It’s a way they can physically collaborate to efficiently resolve claims issues, help resolve pre-bill edits and assist with developing best practice workflows.
4. Manage denials
In the face of ever-changing regulations and staffing shortages in home health and hospice software, it’s not uncommon for denials to stack up. Denial outsourcing and management can help identify denial trends, reduce denials and improve cash flow. It can also keep agencies updated on payor billing requirements.
5. Manage accounts receivable
Monitor the accounts receivable and resolve rejection and denial issues timely, avoiding cash flow being negatively impacted. Also monitor your billed and unbilled claims to prevent timely filing issues and identify the root cause of denial and billing issues so they are resolved and not repeated.
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MatrixCare provides an extensive range of software solutions and services purpose-built for out-of-hospital care settings. As the multiyear winner of the Best in KLAS award for Long-Term Care Software and Home Health and Hospice EMR, MatrixCare is trusted by thousands of facility-based and home-based care organizations to improve provider efficiencies and promote a better quality of life for the people they serve. As an industry leader in interoperability, MatrixCare helps providers connect and collaborate across the care continuum to optimize outcomes and successfully manage risk in out-of-hospital care delivery.
MatrixCare is a wholly-owned subsidiary of ResMed (NYSE: RMD, ASX: RMD). To learn more, visit matrixcare.com and follow @MatrixCare on X
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