We are fighting against one of the biggest global enemies at the moment- coronavirus. Declared pandemic by the world health organization, it has affected millions of people across the world. Healthcare practitioners around the country are working long hours, staying back to make sure COVID-19 contracted patients get recovered soon and they are guarding the frontlines to eliminate the possibility of further contamination.
But, what is getting overlooked here are the back-office processes, which are clogging the accounts and leading revenue cycle management to haywire. We understand how difficult it must be for you to keep track of the claims, checking on their status, following up, which is why we bring to you certain tips to make sure that your practice stays in business amidst this unprecedented crisis.
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Get your business coverage:
It is important to check whether or not your practice is fully covered by a legal business insurance policy for COVID 19. Immediately get in touch with your insurance broker to get an update on all the insurance policies that have got you covered. Check how your practice will be impacted in this time of crisis. What are your losses and expenses, and more such information that can help you stand a firm financial ground should be with you?
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Set a financial plan:
It’s not like your practice would always be brimming with patients in and out, especially for complicated medical treatment. For such a situation, every practice has a financial backup plan. Review and revise it to ensure your practice can still go on at the time when there are fewer outpatient visits or sudden cancellation of surgeries. Check all your documents and immediately get any loophole that might threaten your practice’s existence resolved by professionals.
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Create a contingency plan:
None of us were ready for this to befall on us, or we would have been prepared for it beforehand, but we are here now, down at our knees. But we can still make sure our practices are able to survive through the time with an adequate contingency plan. Check the economic relief packages if they can help you stay afloat. Check with your lenders and creditors if they can spare time and delay payments that are not of that importance.
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Know your legal rights:
Once you have all the information on your insurance policy for COVID 19, consult a legal practitioner on exercising your right mentioned in the policies to stop anyone from damaging or trying to about your practice.
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Follow CMS Guidelines:
One of the most effective ways to engage your practice and manage workflow in this tough time is to incorporate CMS guidelines. They have asked to delay non-essential medical service or elective surgeries to minimize resource consumption. Adhering to the guidelines will ensure a minimized risk of safety, decreased confusion in patients’ queries.
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Implement telemedicine:
It is the practice of dispensing care and treatment to the patient using electronics and telecommunications tools. This will be especially helpful in times when social distancing is important, and any person carrying the virus can spread it to tens and hundreds waiting in the provider office. This will also enhance patient engagement and further strengthen the practice’s bottom line. You can check the guildies to practice telemedicine in times of COVID in our previous blog.
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Outsource a part of or an entire Revenue cycle management:
One of the best ways to make sure your revenue cycle is adequately streamlined and there is sufficient cash flow is by outsourcing a part like medical billing and coding or the entire RCM to a trustworthy company like Medphine.
No matter which field you serve in, Medphine has a team of certified and dedicated billers and coders to ensure clean claim submissions and reimbursement with the shortest turnaround time in one go.
