Looking at GI Practice Management Differently: Fortify the Business of Healthcare in the GI Practice

Video Transcription

Video Summary

The video discusses revenue cycle management in healthcare and its impact on a medical practice's profitability. It begins by defining revenue cycle management as the administrative and clinical functions that contribute to capturing, managing, and collecting patient service revenue from the initial patient call to the final payment. The video emphasizes the importance of insurance eligibility and cost estimation in the revenue cycle, as denials often occur due to issues with registration or eligibility. The responsibility for checking insurance eligibility lies with the front office staff, who should ensure that the patient's insurance is valid and covers the services being provided. The video also highlights key performance indicators (KPIs) for revenue cycle management, such as accounts receivable over 120 days, reimbursement rates, and denial rates. It suggests strategies to improve denials and optimize revenue, including re-educating staff, timely claims filing, and implementing consumer-focused solutions such as online payments. The video also discusses the impact of COVID-19 on the revenue cycle, including challenges and opportunities for improvement. It concludes by addressing future trends in revenue cycle management, such as increased automation, price transparency, and patient responsibility calculation.

Asset Subtitle

Sufiyan H. Chaudhry, MD, MBA

Keywords

revenue cycle management

healthcare

insurance eligibility

denials

front office staff

COVID-19