Hospitals and health systems nationwide continuously seek to improve revenue cycle management processes, including coding, documentation and billing. As they embark on these efforts, they can gain insight by collaborating with hospital-based physicians, according to Rebecca Farrington, chief revenue officer at Healthcare Administrative Partners.
"Hospital CFOs can benefit from working closely with their hospital-based physician groups practicing radiology, pathology, ED, etc. in all matters related to billing, collection and contracting," she shared with Becker's Hospital Review. "These physicians, and their own RCM teams, know the intricate details about coding, billing, prior authorization and documentation best practices related to their own individual specialty."
Ms. Farrington added: "When it comes to contracting with managed care payers, the physicians can provide subject-matter experts to assure that the hospital and physician group alike will get the best reimbursement for key procedures. For example, in capitation contracts this can include knowing the right carve-outs and avoiding other potential pitfalls. Using the physician groups as a collaborative resource will help you solve many RCM challenges."
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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