Revenue Cycle Management: Developing an Effective System to Manage Billing Services

Revenue cycle management is a complex component of effectively managing your home health or hospice agency. An array of factors need to align in order to ensure that your billing process is as clean and efficient as possible - including proper processes, procedures, and documentation in addition to outfitting your agency with the right software. While it may seem that revenue management begins when the bill is sent out, it actually starts during the intake process and continues throughout the life cycle of your relationship with your patients.

Common Challenges Agencies Face in Developing an Effective RCM System 

Agencies face a number of challenges when developing an effective Revenue Cycle Management system. Inaccurate or incomplete information on patients is a huge barrier to receiving adequate and timely compensation for care provided, and many times, agencies aren’t even aware that they are processing inaccurate information until their claim is rejected and they have to resubmit. Many agencies also struggle with developing a seamless and efficient methodology for determining eligibility of services during intake. This can lead to difficulty with claims processing and reimbursement and is an important element to resolve. Another challenge agencies face in creating efficiency within their RCM is not having the right software to support them in achieving productivity and efficiency.

Selecting the Right Software to Outfit Your home health Agency

Selecting the right software is a critical component for any agency that wants to ensure that their revenue cycle management is top notch. It is important to utilize a software service that helps with billing from intake to discharge and then has appropriate steps to help manage follow up as claims are processed and reimbursed. Software programs that are designed specifically for home health agencies to improve their RCM efficiency and productivity are a great asset and can revolutionize the claims management process as well as other areas of billing services. 

Bringing it All Together  

A good practice for any home health or hospice agency is to evaluate the RCM process and identify any gaps or impediments that may be preventing smooth flow of billing services. Once you have identified any unique or specific challenges, you can begin to develop a plan for resolving those issues. Many of the challenges that agencies face can be resolved with a software solution that is designed to automate and manage the billing process, so that can be a great step to consider. Is your software fully assisting you in developing a solid flow for your billing services? Are there any tools that would help you better manage your agency? Utilizing the latest top rated technology designed specifically for home health agencies can make a world of difference.