Taking control of your revenue cycle could be the best thing you ever do for your healthcare practice. With the right revenue cycle management strategies in place, a health clinic can become more profitable while maintaining its focus on patient care.
This article defines billing and revenue cycle management and outlines the best practices for creating a healthier revenue cycle.
Credentialing is an essential part of any successful healthcare practice. It prevents valuable revenue loss for your practice and protects your patients by ensuring all providers and facilities are contracted to provide services with your insurance plans.
What’s your health center’s net collection rate? Prompt collections keep your practice thriving. Every payment or reimbursement helps cover your costs to ensure you can keep your doors open another day.
Organizations that care for Medicaid patients and the underserved often end up with substantial self-pay write-offs. After all, federally qualified health centers FQHCs and other safety-net organizations don’t turn anyone away. Their mission is to provide high-quality care to all, regardless of insurance status or ability to pay.
When it comes to billing, Medicare reimbursement is a vital revenue stream for most federally qualified health centers (FQHCs). Yet many centers are missing out on the additional revenue they’re owed for Medicare Advantage patients.
This is a growing concern for FQHC billing as an increasing number of patients are choosing Medicare Advantage plans. Over the years, most beneficiaries opted for traditional Medicare plans, but a growing percentage of patients are enrolling in Medicare Advantage plans instead.