Revenue Cycle Management: 5 Ways to Improve

1. Minimize the need for collections by asking patients for their payments upfront.Create a checklist for your staff to follow with regard to procedures for copying insurance cards, verifying patients’ data, collecting payments, and confirming contact information. Your staff members may know the basics, but are they consistently performing them? Consistency is key. Alternatively, make the necessary arrangements for patients to be able to pay later. Focus on the start of the physician/patient encounter because that is the time when it is easiest to collect out-of-pocket payments.

Because of the availability of high-deductible plans, patients have become responsible for paying more of their bills than ever before. Unfortunately, it is more difficult to collect from patients than from governmental or private insurance companies. Therefore, it is imperative that you maximize your ability to collect out-of-pocket expenses. By collecting payment before services are rendered, you may be able to forego billing, collections, and possibly even bad debt write-offs.