Tailoring Your Practice’s RCM to Changing Times

Most practices entered 2021 operating within razor-thin margins and needing an overhaul of revenue cycle management (RCM) strategies to ensure accurate and complete capture of all reimbursement opportunities.

As a result, practices have no choice but to become more proactive and adapt to industry norms, to ensure profitability and make up for lost revenue opportunities.

In 2021, providers should pay closer attention to trends such as telehealth claims from a Medicare Advantage plan taking longer to get paid. Analytics platforms, which comb through claims data and identify codes and procedures associated with common denials, can help.

Keep in mind that additional training may be necessary to ensure administrative and billing teams are up to speed. Physician practices may consider connecting with a third-party RCM vendor partner to address issues such as common billing errors if they’re struggling to meet KPI goals.