Here are three of the most common revenue cycle management mistakes physician practices and hospitals can avoid by taking proactive steps, according to NTC Healthcare.
1. Failure to verify eligibility. Nearly 25 percent of medical practices no not verify patient eligibility upfront, according to a report by Caparo. By insisting on eligibility verification early in the registration process, medical providers can decrease future bad debt and help patients avoid unanticipated out-of-pocket expenses.
2. Failure to provide patients with an accurate out-of-pocket estimate. As patients' financial responsibility for medical services continues to grow, it has become exceedingly important practices offer accurate out-of-pocket estimates. This service helps patients prepare mentally and financially for their medical care before treatment is rendered. In many cases, advance notice of financial obligations for care can allow patients to set aside funds or find additional sources of financing. When patients aren't prepared for their medical bills medical providers are often left with unpaid costs and lingering debt.
3. Failure to collect at time of service. Communicating to patients about co-pays and other upfront costs is a simple way to prevent collection problems for medical practices. Failure to warn patients about these financial obligations ahead of time can result in frustration and resentment from patients. Conversations around upfront costs should take place immediately with new patients.