Revenue Cycle Management is one of the most important components of any medical practice. With a healthy revenue cycle, your practice can grow and better help the patients who come to you for care. Where providers run into trouble most often with their revenue cycle is claims management, the quality of their technology, and whether they run an in-house or outsourced service operation.
From the first point of interaction to the time the payment is made in full, the revenue cycle is woven through every process within your organization. To perfect your revenue cycle management process, outsourcing services is your best option. With a quality revenue cycle management vendor, your practice can grow while focusing more on patient care.
The Importance of Effective RCM
With a healthy revenue cycle, your practice can grow. What is included in a healthy revenue cycle? The collection of patient payments, submitting clean claims, decreasing denials, and decreasing time in A/R are all important parts of your billing process. A vendor can help you streamline your billing, claims submissions, and collections so that you have more time for your patients while still optimizing your revenue.
How Outsourcing Revenue Cycle Management Helps
Improve Clean Claims
Clean claims are the key to timely reimbursement. When a claim is denied, your practice has to work harder to get those claims resubmitted with any corrections. The most common reason for denials is errors in medical billing codes. These errors are most often made because of changes to the codes or lapse in training. With a revenue cycle management partner, you gain access to billing experts who are ready to help you increase your clean claims up to 99%. A quality vendor has a team built of medical billing experts who scrub your claims for errors and track them all the way to reimbursement. By increasing your clean claims, you increase your revenue.
A revenue cycle management partner will eradicate denials at your practice. Through claims tracking and scrubbing, they prevent potential denials from ever being submitted to payers. They send it back for correction to prevent denials from taking place. Should a denial happen, they are there to make sure it is resubmitted as quickly as possible, so your practice never misses out on a valuable payment. With a revenue cycle management partner, denials have become a thing of the past.
Improve Patient Payments
Patient payments are increasingly important to your revenue cycle. As more patients opt for their payers High-Deductible Health Plan (HDHP), more payments are falling in their lap. If a provider does not have a quality patient payment system in place, they will start to see a decline in revenue. A quality billing system that allows for online payments and payments at the start of a visit will help, but you also need an RCM partner. Your RCM partner will help your patients feel confident in their ability to make their payments. They will work with them to explain all of their options, keeping patients out of collections, and decreasing their time in A/R.
To learn more about a quality revenue cycle management partner, click here.