Hospice care is provided to people near the end of their lives, in order to help alleviate pain and improve quality of life. Hospice services include in-home care, emotional support for family members, spiritual counseling, social work assistance, and various types of equipment. These services are essential for patients with terminal diseases because they give them the opportunity to spend their final months in a comfortable and welcoming environment.
Unfortunately, the costs of hospice services can add up quickly, and without proper management, you could end up facing significant losses.
Here are three tips for better hospice RCM.
Avoid mistakes during intake
One of the most serious mistakes you can make during hospice admissions is to accept an individual or family who does not qualify for your services.
When performing intake, make sure to carefully review the patient’s medical records. If you accept an ineligible candidate, not only will you be facing a significant loss by having to return revenue for services rendered, but you could also face legal action from the patient or family due to inadequate care.
When reviewing records, be particularly careful that all billing documents are accurate and complete. Be sure to check for errors or gaps in information, and if you need clarification about any aspect of a patient’s history, make a note of it on the file before admitting them.
Finally, remember to update patient demographics as necessary – including contact information and insurance plan details – as soon as such changes are made by the individual or family.
Make sure all billing documents are accurate
Your revenue cycle management should be accurate at every step, but this is especially true when it comes to billing. The last thing you want to do is to bill for services that your patient doesn’t actually need.
One mistake in billing can create a domino effect in which future reimbursements are delayed or even lost. This can be particularly damaging in an industry where the success of your organization depends on managing risk and cash flow effectively.
In order to avoid mistakes in billing, make sure that all supporting documentation is accurate, legible, and complete. In cases where you need clarification about a patient’s diagnosis or course of treatment, make a note of it on the supporting documents before submitting them to your billing department. Also, remember that while most facilities use electronic records for convenience and accuracy, some patients still prefer their full medical records, so be sure to maintain paper copies of all files in the event that they request one.
Invest in hospice revenue cycle management software
The best way to ensure that you are maximizing the revenue you generate is by investing in an effective RCM system. There are many options out there, so it’s important to do your research before purchasing. Make sure the hospice revenue cycle management software is user-friendly, tailored to your specific needs, and able to adapt to changing regulations.
By following these three hospice RCM tips, you can ensure that all of your patients receive the highest quality care possible while also maintaining a balanced budget.