Healthcare Revenue Cycle Management is a key financial process that helps healthcare organizations to manage their administrative and clinical functions. The process used encompasses the identification, management, and collection of patient service revenue.
If a healthcare organization or hospital is not using this process, it might get tricky to treat their patients correctly since they’re using their full attention on them. Healthcare revenue cycle management is the strategy that healthcare organizations use to pay the bills.
Work with a medical billing company
Smrtdo Medical Billing is a true partner delivering revenue cycle results. Our goal is to help you make your healthcare business a financial health institution in Austin. Our specialized experience with rural hospitals, community hospitals, healthcare systems, and physician practices will lead you to the road of success.
Smrtdo prides to have highly qualified updated specialists able to process claims, perform denial management, and provide follow-up while providing the critical thinking required in navigating the challenges of high performance execution of Revenue Cycle processes.
We focus on providing smarter solutions; more efficient and more effective. We specialize in doing what you don’t enjoy doing, so that you can focus on what you’re really good at. We have more than 12 years of experience doing so, and have trained a highly qualified team of young professionals in the way.
How can RCM help the Healthcare industry?
When a patient schedules an appointment, the physician’s office or the hospital staff typically checks the patient’s reported insurance coverage before the visit.
After an insured patient receives treatment for a given condition and supplies any applicable copayment, a healthcare provider or coder categorizes the nature of the treatment according to ICD-10 codes. The hospital or care facility then sends the care summary with ICD and Current Procedural Technology codes to the patient’s insurance company to see what portion of the care will be covered by insurance, with the patient billed for the remainder.