Located in Texas and need someone to handle finances and process from patients? Revenue Cycle Management is an upgrade for the Healthcare industry. Managing revenue is vital for any business but may not be the primary focus of healthcare providers.
Healthcare costs are increasing with technology adoption in a time when an aging population is foreshadowing increased demand for care. Insurance and medical suppliers are placing an increased burden on patients and providers. Value-based healthcare payment models are also reshaping how providers can approach revenue cycle management.
What is Revenue Cycle Management?
The goal of healthcare revenue cycle management is to develop a process that helps organizations get paid the full amount for services as quickly as possible. It is how an organization handles the finances and processes associated with different steps of patient care from start to finish.
Revenue Cycle Management begins when a patient is first encountered or scheduled for an appointment and continues through the services provided to the billing afterward. Patient scheduling offers the opportunity to gather information vital to the claims process, such as insurance information, to verify eligibility.
How it benefits the Healthcare industry
- A well-designed RCM system tracks patient care simplifies the billing and collection cycles, by registering, appointing, scheduling and processing the payment.
- With the help of RCM, communicating with the EHR and accounting systems becomes easier.
- Revenue cycle management links administrative data like a patient’s name, insurance provider and other personal information along with the treatment received by a patient.
- It bridges the gap between the business and clinical sides of healthcare.
- Healthcare providers take help of revenue cycle management systems for preserving and managing patients’ billing records.
- It reduces the time between offering a service and receiving payment for it by interacting with other health IT systems like electronic health record systems and billing systems.
- It enables the RCM system to perform duties automatically. As this was previously handled by employees, RCM has been able to save healthcare practices time.
- It allows healthcare staff to enter all the information required for claims processing and avoids the revision or resubmission of claims.
- The organization can also check where its revenue cycle has the scope of improvement by arranging billing data and producing corresponding reports.
Spend less time filling out paperwork; work smarter and not harder.
Contact a professional Revenue Cycle Management company right now.