Important things to consider in revenue cycle management regarding payment

In the field of medical billing there are various differences in payment. But most of the differences fall in two major categories and these two categories should be discussed. The first category in the payment difference is about the payer that updates the system for payment. And this payment update is for the fresh contract fees. The second difference in the major category of payment is about the changes that the payer has made in the payment system. The major reason to consider these things in the revenue cycle management is that these changes happen in the beginning of the contract year.

Usually when the changes are implemented in the payment system, they fail to update the changes in the configuration. Since these things happen in the new contract year, this has to be considered seriously for better results in the management of revenue cycle.

Keep it error free

If there are any changes or variance in the payment from the payer, there are some factors to consider immediately. The major aim of the consideration is to get proper payment from each payer without delay. The fact is that always watch out for the errors because errors are one of the main reason for underpayments. If there is any minor error in the payment system, then the chance of underpayment increases. This is the reason that most of the companies try to maintain error free payment system so that they can get complete payment from the payers. This has been the main reason for many companies for underpayments from payers.

One of the major issues is that most of the errors made are unnoticed and has been brought to the consideration only when there are underpayments. This requires proper management practice so that it will be feasible to keep error free. After making the client contract, everything has to be documented and kept perfectly. The contract rates of the clients and the procedures regarding the payment have to be documented to avoid issues in payment.

Modifiers

The procedures for the surgery and other specialty practices can be repaid for different costs. It depends on the procedure of the payment as it can be either first one or fifth. It is usual that medicare sets restrictions for the repayment. Therefore the modifiers regarding coding and documentation should be considered immediately. This is because the modifiers can affect the payment to different extents. That is why it is important to make sure about the modifiers as it takes the hold on payment.

The compliance policies of schedules and contract

If your organization has contract compliance policies, then it should be made clear. The schedules about the fee should be uploaded in to the management system perfectly without errors. If there is any error about the schedules then it is risky about the payment. A practice policy has to be framed to handle the underpayments. This would help a lot for revenue cycle management. There are different processes in making this happen for releasing the complexity in revenue cycle management.