Posts

Showing posts from August, 2024

How to Level Up the Revenue Cycle Management Game Plan

  Here are four strategies to optimize revenue cycle management for maximized revenue collection. In the ever-evolving healthcare landscape, efficient revenue cycle management (RCM) is crucial for maintaining a financially healthy practice. Adopting a proactive and strategic approach to RCM can make all the difference in addressing heavy administrative workflows, billing errors, increasing denials and staffing shortages. Here are four top strategies from Greenway Health's Senior Director of Revenue Consulting, Marvin Luz, to help level up the RCM game plan and ensure practices collect every dollar earned.  1. Proactive Patient Collection Strategies   Growing patient accounts receivable (A/R) is a common challenge but can be mitigated with more proactive collection strategies. Start by ensuring the patient financial policy is updated and signed by patients annually. Implement a system where patients provide a credit card on file to collect payments upfront, reducing the need to chas