How private practice physicians can take on revenue cycle management

Having a strong understanding of the revenue cycle management of a practice can be a big benefit for private practice physicians for a variety of reasons, according to a May 20 news release from the American Medical Association.

Here are five notes for physicians:

  • An efficient revenue cycle allows practices to adapt to external forces more quickly as well as increase patient satisfaction.
  • There are eight steps of revenue cycle management: Patient registration; Insurance verification; Patient check-in and check-out procedures; Medical billing and coding; Claim preparation and submission; Monitoring payer decisions of submitted claims; Preparing patient bills or statements; Managing payments and collections.
  • Knowing the capabilities and drawbacks of your health IT software can help inform decisions to make the cycle more efficient. 
  • Making it a priority to submit "clean claims" can optimize the cycle.
  • Working with staff to create best practices in order to avoid unresolved claim denials.

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