4 Revenue Cycle Management Keys to Success

Implementing and maintaining a Revenue Cycle Management (RCM) process is necessary for a company’s success. Durable Medical Equipment (DME) and Home Medical Equipment (HME) providers need an effective RCM process to maintain financial success and effectively service their customers.

Revenue Cycle Management Solutions 

Here are 4 solutions to implement and maintain during the RCM process. 

Document Review 

At the start of intake, make certain all required patient information and insurance documentation is received. DME and HME claims are thoroughly reviewed, and any missing information will result in claim denial. Individually check every document before it’s submitted for payment.

Tip – Make sure there is a system in place from intake to payment. This will help to reduce rejected claims. 

Claims Submission

Implement and maintain a clear and concise claims submission checklist. So, before a claim is submitted to insurance companies, it’s confirmed that it follows current payor policies guidelines. 

Tip – Have a dedicated person/team who stays current on all industry changes—specifically, the payor policy guidelines. Have a system in place to share that information with the needed team members. 

A/R Collections 

Delayed payments can lead to cash problems and reduced revenue. Have a procedure in place to review unpaid claims daily. A dedicated person or department reviewing claims payment will correct the issue and resubmit it for payment. 

Tip – Regularly review your A/R process for potential problems or ways to improve collections. 

Cash Posting 

A streamlined posting process will help to make sure the bill payment is received and distributed correctly. Have a review system in place to check the primary cash post. If there are any errors, it will result in secondary and third payer errors.

Tip – Stay up to date on billing and coding regulations. This is one of the most common causes of denials. 

Benefits of Maintaining an RCM Process 

Once you have an RCM system in place, there are many benefits to maintaining it. 

Including:  

  • Saving Time
  • Reducing Claims Denial 
  • Streamlining Processes
  • Reducing Days Sales Outstanding (DSO) 

What if I need help in maintaining my RCM process? 

If you need assistance to maintain or improve your RCM process, a DME billing company can help you. DME billers are familiar with the DME and HME industry and can quickly assist the DME or HME provider with any or all RCM process parts. 

What do I look for when searching for DME billing services?

Here are a few questions to ask when searching for a DME billing company.

  • What is their document review process? 
  • Do they review and manage claims denials?
  • Will they look for claims rejection trends to better improve my billing processes?
  • Do they offer personalized support?
  • Will they educate my staff to help increase future successful billing practices? 
  • Do they stay up to date on changes to payor policies? 
  • Will they review my A/R process and offer improvements?

How can Medbill help?

The Medbill team can help to free up your time for our business matters. As a top DME billing company and 100% U.S.-based staff, Medbill offers custom RCM services and personalized support to fit your needs. 

Contact us today to get started!