Financial stability is the backbone of a successful healthcare practice. Yet, challenges such as rising claim denials, administrative burdens, and inefficiencies in medical billing can disrupt cash flow and impact overall performance. Greenway Revenue Pulse is here to help.
Our new eMagazine delivers expert insights and actionable strategies to support revenue cycle management (RCM) and medical billing best practices. Inside, you’ll find practical guidance on refining workflows, reducing claim denials, and improving financial performance.
Building a stronger revenue cycle strategy
A well-defined RCM approach can make a significant difference in a practice’s financial health. In this issue, Marvin Luz, Senior Director of Revenue Consulting at Greenway Health, shares key areas for improvement:
- Proactive patient collection strategies – Address accounts receivable (A/R) challenges by adopting upfront payment policies and flexible billing options.
- Accurate patient registration & insurance eligibility verification – Minimize claim denials by capturing precise demographic and insurance details.
- Patient-friendly payment plans – Offer flexible payment options to help patients stay current while keeping revenue flowing.
- Optimizing system capabilities – Get the most out of practice management (PM) systems and electronic health records (EHRs) to boost efficiency in RCM and healthcare billing workflows
Accelerating claim processing: Reducing delays and denials
With claim denial rates on the rise, medical practices must take a proactive approach to billing. Linda Godfrey, Senior Revenue Consultant at Greenway, discusses strategies to shorten the claim life cycle and improve cash flow:
- Accurate patient data entry – Help prevent unnecessary rejections with correct and up-to-date demographic and insurance details.
- Comprehensive insurance documentation – Minimize errors in medical coding and billing through proper recording of primary, secondary, and additional insurance coverage.
- Timely claim submission – Avoid delays and missed payer deadlines with a well-defined claim processing workflow.
- Denial prevention strategies – Address common RCM challenges before they impact revenue by training staff to identify potential impacts.
Tracking the financial health of your practice
Understanding key financial metrics is critical for making informed decisions in medical billing and RCM. Maberly Brown, Senior Revenue Consultant at Greenway, explores how to interpret revenue cycle data for better decision-making:
- Monitoring KPIs such as net collections, charges, payments, and days in A/R
- Using benchmarking to measure financial performance against industry standards
- Leveraging data-driven insights to strengthen cash flow and practice profitability
Success in action: How Clinical Urology Associates increased revenue
A strong partnership with revenue services experts can transform financial performance. Clinical Urology Associates partnered with Greenway Revenue Services to overcome billing challenges, increase collections, and optimize RCM workflows.
Clinical Urology Associates experienced:
- 20% increase in clean claims rate
- $568,458 increase in average monthly charges
- $627,945 reduction in outstanding balances since 2022
- Significant improvements in days in A/R, reducing payment delays
Their journey highlights the value of working with a Revenue Cycle Manager who understands medical billing challenges and provides hands-on support.
Whether you're looking for strategies to improve billing processes, accelerate claims, or gain deeper insights into revenue cycle management, this eMagazine is your go-to resource for strengthening your financial health.
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