You need to include an efficient billing structure if you don’t want to lose out on thousands of dollars in payer reimbursements, patient payments, and other revenue streams. Revenue cycle management is a part of the healthcare organization. Understanding and executing hospital revenue cycle management is integral for the success of your entire organization.
In this article, we’ll focus on how revenue cycle management companies will ensure seamless revenue management.
The process starts with pre-authorization and registration. Here, you have the option to gather the patient’s insurance and financial information—the automated eligibility verification tool used at this time benefits you. The provider will give insight into how you get paid for different services. It’s more about benefiting patients by preparing them for their financial responsibility.
The revenue cycle management helps improve as per the price transparency and insurance verification tools found in fully integrated practice management and medical billing solutions.
Services and charge capture
Once the services have been rendered to the patient, the next step is revenue cycle management. Again, this is crucial to the claims process as here, you can assign a medical billing code to the claim.
With quality medical billing software, revenue cycle management companies give access to critical coding tools. It helps you code more accurately, ensuring timely reimbursement. In addition, claims scrubbing technology ensures that the claim is coded the first time accurately. Now, this can save hundreds and sometimes thousands of dollars in claim re-work and administrative costs associated with claim rejections.
Claim submission and denial management
Submitting a claim is an integral part of the process once you complete the charge capture process, it’s up to you how you submit the accurately coded claim to the payer.
The step in the revenue cycle management process can be improved using practice management software and RCM services vendors to track the claims in real-time. This stops them in their tracks before they get denied.
When you outsource hospital revenue cycle management, you can now automate the task and give your team peace of mind, knowing the claim is on the way to the payer.
Payment
After the claim gets reviewed by the patient’s insurance, the payer reimbursement is on its way. Revenue cycle management companies include integrated billing solutions. The patients can view and pay their bills right in their patient portal.
The integrated practice management solution reminds patients of their bills and prompts them to make payments, leading to more on-time and in-full payments. This step also includes quality debt collection services from the RCM service vendor, helping optimize patient payment.
Reporting
Practically, receiving the payment is the last step in hospital revenue cycle management. Moreover, your practice also needs quality reporting technology that helps you stay on track. A professional revenue cycle management company helps you identify common mistakes that cause money to slip through the crack.
Conclusion
When going for RCM service for your business, it is essential to have a competitive edge over others. Your vendor will help you fix these areas and secure your bottom line.
