Effective home health and hospice Revenue Cycle Management (RCM) allows you to maintain financial stability, so you can reinvest in growing your agency and serving your patients. Key components to a healthy revenue cycle management cycle include first pass clean claim rates, faster turnaround on claims, quick resolution of ADRs and denials, and tight follow-up and reconciliation processes. Having an effective RCM program can often be the difference between a thriving agency and one that is sinking fast.
Five Key Elements to Effective Revenue Cycle Management in Home Health and Hospice
If you don’t have detailed insight into exactly what’s going on at every step of the cycle, and potential problems, you won’t be able to collect everything that is due. It’s important to keep on top of your home health and hospice revenue cycle management so you can make improvements in processes and actions, while maintaining high standards of compliance. Those providers that have the least amount of denials are typically the ones that know at any given time the status of every claim, thorough details of every episode, and how much money is coming in.
Accuracy & Efficiency
Effectively managing your revenue cycle also entails making sure that you are accurate and efficient. If your revenue cycle costs more to manage than you’re bringing in, you’ll never be successful. To be efficient, you must implement solid practices that include close monitoring of which claims are being paid and following up on any that remain outstanding.
Good home health and hospice revenue cycle management isn’t just about coding and billing. Documentation is key to ensuring accurate reimbursements. When documentation and processes/systems work together, everyone benefits. All information is aligned, legible, complete, and congruent. Care is coordinated and communicated across disciplines in a timely manner, enabling staff to have the information they need to review notes, make care decisions, bill, and more.
Due to intricate details and complex payer requirements, one of the most important components of successful home health and hospice revenue cycle management is the knowledge that comes with experience. You can set up all the processes in the world, but if you can’t find qualified staff, you’ll just be spinning your wheels. Your staff should be experts in home health and hospice. They should also be up to date on Medicare regulation changes, commercial insurance processes, and should know how to effectively address problematic claims. Your staff should also be able to accomplish these tasks quickly and accurately while still managing other responsibilities.
Good Patient Experience
At the end of the day, it’s your mission to provide quality, compassionate care to your patients. Don’t let issues in your home health and hospice revenue cycle management affect your ability to provide quality patient care. It’s not a good experience for them, or for you.
How We Can Help
Your home health and hospice revenue cycle management can be very confusing and can become quickly disorganized. And with billing changes such as home health PDGM on the horizon, it’s going to get even harder to stay on track. How can your agency continue to succeed when it seems like things are changing nearly every day? One solution is to work with a company like HEALTHCAREfirst, a third party home health and hospice revenue cycle management services provider. Our job is to enable our customers to shift their focus to patient care while we manage their coding and billing. If you want to learn more about how we can relieve some of the burdens of revenue cycle management, let us know. Let’s schedule a quick consultation about what you’re doing and how we can help you improve.
The HEALTHCAREfirst Difference
Whether you bill Medicare, Medicaid, private insurance, or both, our team of home health billing experts has the experience needed to quickly and properly submit your claims. We can help you overcome common challenges and speed up your cash flow. To learn how your agency can leverage our revenue cycle management services to improve your bottom line, contact us today.