EFFECTIVE PRACTICE MANAGEMENT
The efficiency of a medical practice’s billing and collection operations has a critical impact on financial and overall business performance. Beyond just submitting and tracking a claim, your revenue cycle encompasses all the many steps from when a patient first makes an appointment to the time when there is no longer a balance on that patient’s account. It includes front-end office tasks like appointment scheduling and insurance eligibility verification; tasks related to clinical care like coding and charge capture; and back office tasks like claims submission, payment posting, statement processing and the management of denied claims. The extent to which your practice has a handle on these steps directly impacts your ability to get paid the full amount you are owed as quickly as possible.
Avalon Billing has an in-house team of MBAs, Lawyers and physicians who can help manage all these functions from:
- Selecting what insurances to take
- Insurance Credentialing and Negotiating Insurance Contracts
- Selecting EMR/EHRs
- Selecting medical and technical equipment
- Office layout
- Hiring and training staff
- Proper HR policies and procedures
WORK FLOW
Your revenue cycle workflow includes the activities within your practice related to billing. Front office tasks like verifying insurance or collecting a co-pay, documentation of the visit using appropriate diagnosis and procedure codes, and activities related to submitting the claim and then managing the collections process are all linked together like a chain. Just one small kink in the chain can throw off your revenue cycle and generally wreak havoc.
Having cohesive front and back office billing functions improves revenue because it creates time efficiencies, aids communication, and allows for appropriate oversight of coding and other billing processes. The sample revenue cycle management workflow below shows the many interrelated steps in the payment process.
Having the right team, the appropriate technology, adequate workflow and experienced processes and procedures are important steps on the path toward a prosperous, efficient and successful practice. The more that you can integrate these assets into your operations, the stronger influence you can have over financial outcomes and achieve success!