When it comes to making sure your practice gets all the money it is owed, there are a few simple tricks to help with the revenue cycle management. while each one takes a few minutes, it will save you a lot of headache trying to collect on overdue bills in the long run. The first thing you should have done is have the insurance information given over the phone as the patient is making an appointment. As soon as the appointment is made, make sure the information is verified. If the insurance has lapsed, does not cover what the appointment is for or you are not on the list of approved practitioners, call the patient back immediately and cancel the appointment.
When the patient comes into the office, have all identification checked, copied and verified. You do not want to be treating someone who is not who they claim to be for insurance purposes. Keep records of everything. The final tip is to automate as much as you can. This will keep everything in order and at your fingertips without having to dig through files. Have a report printed every day, week and month so you know what is going on financially and have a good revenue cycle management system in place.
