When payments are delayed, or claims go unresolved, your medical practice feels the strain at every level. Staff spend hours fixing errors, patients get frustrated with unclear bills, and unpaid balances stack up fast. These issues, often caused by ineffective revenue cycle management (RCM), can disrupt operations and put your practice’s financial health at risk.
The good news is that you can turn your RCM around with a few targeted changes and the right tools. Learn how your medical organization can improve its RCM with these helpful tips and medical practice funding from Chello.
Identify Problem Stages in Your RCM
The first step to improving your RCM is identifying where issues occur. Analyze each step in your process to find where delays or errors slow revenue collection. Look for common problem areas like:
Invest in Front-End Process Automation
The front end of your revenue cycle—patient registration, insurance verification, and payment estimates—sets the stage for everything that follows. If you have a problem in this area, automating these steps can improve accuracy, reduce delays, and keep revenue flowing.
This means adopting a digital EHR system that centralizes front-end tasks for most practices. Studies show that Electronic Health Record (EHR) systems save time and reduce errors, leading to faster claim approvals. Look for a system with the following features:
Improve Claim Accuracy With Coding Audits
Coding errors are a costly problem for healthcare practices, resulting in around $262 billion in lost revenue each year. Regular coding audits help identify and fix issues like inaccurate codes or incomplete documentation before they impact income. Improve coding accuracy by doing the following:
Maintain Backup Funding for Financial Security
One of the best ways to improve your RCM is to maintain a steady income stream, even when reimbursements are late or patient payments fall through. A revolving medical practice business credit lines give you quick access to funds to cover payroll, supplies, and other essentials.
Chello offers business credit lines for medical practices to address these organizations’ specific income cycle challenges. Backed by an FDIC-regulated bank, Chello’s line of credit offers predictable weekly payment terms, ensuring customers can access funds whenever financial gaps arise..
With this safety net in place, you can manage your finances confidently and focus on long-term RCM improvements instead of worrying about shortfalls.
Adopt Forecasting Tools for Cash Flow Management
Issues with fund availability can disrupt your revenue cycle, making it harder to manage expenses and plan for growth. Forecasting tools help you predict when revenue will come in and where delays might occur, giving you the insight needed to stay ahead.
Using a medical business credit line from Chello comes with a 90-day forecasting tool that makes managing your revenue cycle easier. Here’s how Chello helps:
Improving revenue cycle management is critical to your medical practice’s financial health and operational success. Identifying bottlenecks, leveraging automation, improving coding accuracy, and maintaining backup funding can streamline your processes and reduce disruptions. Tools like Chello’s 90-day forecasting and real-time analytics provide the insights needed to make informed financial decisions, ensuring stability and growth.
Sign up today to apply for funding and improve your revenue cycle management.