If you have a background in finance or accounting and a bit of knowledge regarding medical terms then you can be a good candidate for Revenue Cycle Manager. Technical knowledge regarding software and management tools is essential too. In this article, we will be sharing some of the questions with answers that you might be asked in your interview as A Revenue Cycle Manager.
1. Why Are You Interested In This Role?
I have been interested in the medical field due to its fast pace environment. I applied for the position because your organization has a great track record and I have been here often with my family when needed. With the skills and experience you are looking for in this role, I believe I am a suitable candidate. As per my knowledge, your organization trains its staff as per international requirements and state laws to ensure great management at work.
2. What Are The Roles Of A Revenue Cycle Manager?
As an efficient resource of the department, there are basic duties of a revenue cycle manager that ensures to resolve staff and patient complaints. Few duties include:
- Resolving patients’ complaints regarding billing,
- Doing application review of finances,
- Ensuring staff is performing as per the need and sharing relevant feedback with each one of them,
- Training the staff relevant to the finance department,
- Managing the accounts,
- Communicating with Insurance companies,
- Assisting in all-cash collection and posting tasks,
- Updating the medical bills and
- Analyzing the contracts and renewing when required.
3. What Are The Qualities That A Revenue Cycle Manager Needs To Be Successful?
To perform well in this role, a manager needs to have a background in either business administration or finance. The basic software skill required for this role is Microsoft Office including Excel and Word. Apart from this, the manager should have the hands-on knowledge to use relevant software for all finances and billing. As major communication will be with the insurance company so knowledge of their medical plans is also important. I must say that interpersonal and good customer service skills are essential too as it’s constant dealing with customers or patients and external teams.
4. What Major Challenges Did You Face During Your Last Role? How Did You Manage Them?
In my previous role, the medical facility had an outdated software program that caused a lot of problems in the billing and insurance claims. I highlighted the issue several times with the management and even recommended a few software to them as well. After several attempts with the top management, software was implemented. I made a whole presentation for the management to view and understand the issues we were facing on the financial side. I am glad about my persuasion and convincing skills, and they agreed. I got trained for the software company itself and later, I trained the junior staff on using the tool.
5. Describe Your Daily Routine As A Revenue Cycle Manager?
The starting hours of my typical day are usually packed with a lot of tasks. I take over from the previous shift and start the calculations of bills pending and send the invoices to relevant customers or patients. Once I completed the billing, I start dealing with insurance claim bills and update the necessary information in the software. Patients keep coming and few of them have complaints or need information regarding their calculations. I have trained all my team to refer to software and get relevant updates before discussing it with the customer.
6. Describe Briefly About Your Experience?
I started my career in a local clinic uptown where I was in charge of operation and quality management of 4 medical clinics in 3 different cities. I maintained files and records and assisted the billing department on request.
7. What Kind Of Strategies And Mindset Are Required For This Role?
Attention to detail is the basic requirement for this role. As a manager myself, I always tell my team to keep their eyes open in all calculations and double-check. One wrong entry in the software can cause a lot of issues in the whole billing system. It’s a fast-paced environment when it comes to healthcare facilities, a hundred patients are checking out and fifty are checking in to the emergency section. We need to make quick decisions and post correct bills. While dealing with patients or care providers maintain your professional behavior and assist them as much as you can.
8. What Is The Biggest Challenge You Foresee In This Job?
The role has long working hours and there are no weekends off as no healthcare facility gets an off. I am currently enrolled in my MBA program as well and I take Evening classes on weekdays. I am sure my working hours can be around that so that I can continue my post-graduation while working at your organization.
9. How Do You Stay Motivated At Work?
I am passionate about finance so I hardly face any issues at work that have to motivate me to do better in my role. I love playing with numbers and I enjoy what I do. To have proper focus at work, I make sure that I am not distracted by any of my business at work. I am trying to maintain my balance between my personal and professional life and so far I am succeeding as well. As I do understand the role completely, I am here to polish my skills and perform even better.
10. Describe A Time You Failed In This Role And The Lesson You Learned?
I once attended a call at my previous organization from a person who wanted to inquire about the patient’s bills and current payment due. I had a major workload that day as one of my team members was absent; I started giving out the information. After a minute or two, I realized that I should have consulted the HIPPA form first. I stopped the conversation and opened the form immediately and confirmed their identity. Thankfully, the person was on the list already. It was a sigh of relief for me but I did learn my lesson to always consult basic forms as part of the conversation before giving out any information to anyone.
11. Why Do You Feel You Are Qualified For This Role?
I have the skillset and experience you are looking for in this role. I am not only good at financial software but also efficient in using computers and other gadgets. As part of my training, I have taken a basic medical course that helps me identify the procedures from the bills and records easily.
12. Share With Us Your Greatest Achievement
I did my first internship at a doctor’s office where I interacted with the basics of finances. The clinic was facing a lot of issues in record-keeping and generating bills, I introduced basic software to the clinic and it improved the efficiency of the teams by more than 50%. Within my internship duration, a major difference could be seen!
13. Which Software Have You Used In Your Career So Far Relevant To Our Field?
There are several software which I have used so far like eClinical, Microsoft Excel, Peachtree, and a cloud-based financial software i.e. ERBill. Few of the software are in sync with the several insurance companies and it becomes easier to generate bills. It automatically shares the eligibility of the patient from the insurance records as I enter their ID number.
14. Medical Healthcare Facilities Rely A Lot On Confidential Information. How Do You Ensure It In Your Role?
It is the foremost duty of this role because we have complete access to all medical information of any patient who has checked in at the hospital. I do not share any information with any outside team and always have discussions regarding billing with the concerned person. As all computers are password-protected, no outsiders are allowed to go through the system unless they have permission from the board. I maintain the privacy of all patients I have dealt with and understand my duty in this role.
15. A Care Provider Comes To You Angrily Because Of A Wrong Bill. What Will Be Your Approach?
This is a common situation we face on daily basis at work. First, I listen to their complete complaint before saying anything or pulling out any information from the system. I maintain my professional behavior and calm them down so that they can give me the right information to me. I acknowledge their worry and inform them politely that their complaint will be sorted out in no time. I use my problem-solving and customer dealing skills to gain confidence in the care provider as I pull out relevant information for them. I calmly inform them step by step regarding all bills and expenses that have occurred. I also guide them regarding their insurance claim and how much their plan is covering as per the policy they have bought. Once I complete my information, I ask them if they have any more concerns. If they still do, I do not get impatient to repeat all the procedures till they are satisfied with the bill. If there I any mistake in the bill, I will highlight the issue in the software and inform my supervisor regarding the issue. If a mistake is there, I don’t hesitate in apologizing and revise the bill.
16. How Do You Prioritize Your Work On A Busy Day?
The financial side is always stressful as there are a lot of responsibilities in a fast-paced environment. On a busy day, I prioritize tasks based on their urgency. I start with the most urgent ones and then move on to others. I make sure that I follow the timelines because delays at my end can cause inconvenience for other departments and even patients. If I have urgent tasks in hand, I move the tasks that have an extended timeline to the next day to manage the load of current.
17. Working In A Healthcare Facility, It Is Important To Understand Medical Terms. What Is Your Stance?
I believe that with my experience, one can easily understand medical terminologies. Apart from this, as I mentioned earlier as well, I also took a basic course that improved my knowledge and skillset of medical knowledge. I can easily have discussions at work regarding bills and procedures. The knowledge of basic terms also helps me in putting the right information in the billing software.
18. Are You Familiar with Withhippa And How Do You Incorporate It At Work?
HIPPA is the Health Insurance Portability Accountability Act that ensures the confidentiality of patients’ information in any medical records. At any healthcare facility, a patient is required to sign the form that is provided by the healthcare facility. If any care provider or family member requests information from me, I always check the HIPPA form as it lists the people who are allowed by the patient to get information from the hospital.
19. If There Is An Error In The Bill, What Is Your Task To Rectify The Error?
If any error has been identified, I double-check the complete entry of the file including all entries to identify the possible reason for the error. I consult the electronic records and double-check the information provided with the patient’s information. Once checked, I check the billing files and amounts. In practice, I refer to the medical code glossary to ensure that the correct code has been entered into the system. Sometimes, notes are left in the software unattended. Once, I capture the error, I rectify the mistake and update the files accordingly.
20. In Your Experience So Far, Where Have You Performed Your Financial Duties?
I have gotten a chance to work for several health units that provided different types of medical care to patients. I have worked in an eye clinic that did procedures as well. I have also gotten a chance to work in a family clinic that specialized in gynecology cases and prenatal care. I believe my experience has been diverse with several medical issues.
21. In This Role, What Would Be Your Strength?
In this role, I have developed several skills into my strength. My biggest strength is attention to detail as this role requires precision. I can identify the errors in the systems and bills and can speed up the process by rectifying them immediately without any further delay. I have good command over technology including software and computers or laptop. With the help of billing and management software, the job has become easier and helps in the efficiency of the complete department.
22. Have You Ever Gotten A Chance To Deal With Difficult Customers? How Do You Do It?
Dealing with a difficult or an easy customer or patient, customer service skills come in handy at such times. I maintain my patience while dealing with any sort of customer because I must provide them with up-to-date information regarding all their queries and complaints. I have dealt with several difficult patients and care providers who sometimes misbehave as well. Patience is tested but as a manager, I need to satisfy the customer and respond to them on time as well.
23. Are You Familiar With Insurance Terms Like Copay?
Basic insurance-related knowledge should be essential for this role because patients are going to ask you millions of questions regarding their payments and insurance coverage. Copay is the amount the insurance provider wants a patient to pay. The amount is dependent on the insurance plan you have opted for and which professional doctor are you visiting for your health.
24. A Patient Asks You To Help Him Understand The Bill That Mentions Deductibles Amount. How Will You Guide Him?
A deductible is an amount that a patient has to pay after an insurance provider’s payment. I will request the patient to refer to the insurance plan they have opted for and share information about the bill from my system. Once both information is in front of us, I will help him understand how it is calculated and what the pending payment now is.
25. To Make A Patient Understand Their Bill, Do You Use Layman Language Or Technical Terms?
While dealing with patients or care providers, I always use easy language i.e. layman terms to help them understand how they are being billed and what sort of medical claims are on their file. I do not combine the bills into one section because it confuses the customer. I follow a breakdown procedure to form a bill so that each item is listed and the patient feels relaxed while jotting down his expenses. If there is any confusion still, I request them to visit me in possible hours so that I can sit with them and guide them properly. Mostly certain hours of the day are allotted for such activities so that other work is not stopped.
As we have listed the top 25 questions for your interview as a Revenue Cycle Manager, don’t forget to take your professional resume on the day of the interview. Shake hands with the interviewer with confidence and a smile. Good luck with Project Practical.