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How to Maximize Your Team to Produce Maximum Revenue

Can you teach an old dog new tricks?

In the case of your current staff learning new ways to maximize your revenue, the answer is definitely yes.

But contrary to what may be implied in the title, maximizing your team to maximize revenue does not mean having your team work to the bone. It’s not just about working hard, it’s more about working smart. When you know how the modern revenue cycle works and what you and your team need to focus on within this cycle, your team can effectively maximize your revenue without much difficulty.

A More Effective Perspective to RCM

RCM or revenue cycle management is the healthcare industry’s financial process that typically starts the moment a patient contacts a medical practice and ends when a patient is discharged and payment is made. But within this cycle is a myriad of opportunities, opportunities to not only ensure that the current revenue cycle comes full circle, but that new ones can be started.

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boost medical practice revenue
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UnderCoding in Healthcare: What You Can Do to Avoid This Pitfall

Is your practice constantly faced with the problem of under-coding?

Under-coding is defined as the process of medical coding wherein the codes used are not reflective of the full extent of treatment that the patient received. It is often the result of failing to abstract every code from the medical record or to select the highest specificity of codes. Like overcoding, it can lead to rejected or denied claims, not to mention decreased revenue. But under-coding can also lead to other, more serious problems, which is why it is crucial to avoid this mistake.

The Problem with Under-Coding

Despite resulting in lower revenues for practices, under-coding is still considered fraudulent and can lead to investigations or audits. Some coders think that under-coding is “playing it safe” when you’re unsure, but really it isn’t. It can be seen as inducement, or the practice of offering a free service to patients in order to encourage them to avail of a service that is covered by the insurance provider. This can lead to legal action on the grounds of fraud and abuse.

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