Revenue Cycle KPI Glossary: Definitions and Benchmarks You Should Know
If you’re looking at your bottom line to find ways to increase practice revenue, read this article to learn how to improve revenue cycle management.
revenue cycle management
6 Ways Digital Health Companies Can Improve Patient Financial Engagement
No one likes receiving bills, no matter how much they are. When were you last excited about an invoice you had to pay? Like it or not, invoicing customers or patients is part of running a digital health company. And while you may not be able to induce excitement around your billing and invoices, taking …
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How Improving Your RCM Will Also Boost Patient Satisfaction
When we talk about the importance of improving your revenue cycle management (RCM), we often frame those improvements within the context of your business and income. Increasing revenue, saving time and reducing administrative costs are the major benefits of strengthening and streamlining your RCM process. But there’s another benefit to RCM improvements that we don’t …
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What Is Denial Management?
Insurance claim denials are a massive financial headache for private practices today. In essence, a denial is a threat to your income. And when denials pile up, they affect your practice’s financial health. Practicing denial management in healthcare can keep your business on track and help you focus more of your time on patient care. …
How Revenue Cycle Automation Can Reduce Workload, Ease Burnout and Grow Revenue
You’ve undoubtedly heard the buzz around automation in the healthcare industry. But the buzz is perhaps loudest when addressing needs within revenue cycle management (RCM). Technology, billing and RCM organizations are working every day to improve the time-consuming and often frustrating tasks required for insurance reimbursement. Why all this focus on revenue cycle automation? Because …
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What Is Revenue Cycle Automation?
It would be an understatement to say that artificial intelligence (AI) and automation are “trending topics” today. Everywhere you look, there’s a headline about a new use case for OpenAI’s ChatGPT — from college essays to law exams, real estate listings to blog posts. Even in healthcare, we’re seeing the trend take over. Yes — …
How Do I Know It’s Time to Switch Billers?
When it comes to relationships, we yearn for the days when they finally feel comfortable. A point when the anxiety is gone. When you can breathe easy and know that everything is on track. These relationships happen in our personal and professional lives. As a practice owner, you’ve developed solid, comfortable relationships with your employees, …
Self-Pay to In-Network: How To Accept Insurance as a Therapist
As a self-pay practice, you may already have a steady stream of patients who come through your door. But you know there’s potential to increase that patient flow — potential to help more people and grow your business. Accessing that patient population, however, means learning how to accept insurance as a therapist — switching from …
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What Is Accounts Receivable (A/R) in Healthcare and Why Does It Matter?
There are many moving parts to your practice’s revenue cycle management (RCM). But one of the most critical components is your accounts receivable, or A/R. Tracking and improving accounts receivable in healthcare is crucial for building a thriving, financially strong practice. Let’s dive into some essential knowledge and best practices around healthcare accounts receivable. What …
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Healthcare Revenue Cycle Management Trends: What to Expect in 2023
Another year has come and gone — and that means it’s time for predictions on the year ahead. While 2022 may have been a bumpy ride for the healthcare industry (to say the least), we’re setting our sights on the future. We asked our in-house experts to look into their crystal ball and offer predictions …
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