If you run a healthcare practice, remaining financially viable should be a top priority. An economically sound practice will allow you to provide your patients with the best possible care and treatment and invest in future growth. A significant contribution to the financial health of practices today is implementing revenue cycle management (RCM). Revenue cycle management is a complex process that ultimately maximizes the revenue of your practice. Despite its complexity and importance, many practices task in-house staff with healthcare billing, often in addition to their other job duties.
Let RevWerx handle your RCM needs so that you can focus on delivering the best care possible to your patients. Call us at 833.309.0138 to learn how we can help.
What is Healthcare RCM?
One of the most beneficial services your healthcare establishment can receive is revenue cycle management. This comprehensive service is intended to play a central role in increasing your healthcare establishment’s profit margin. By outsourcing your revenue cycle management to professionals, your may increase your bottom line. Proper implementation of the revenue cycle management will speed up and maximize your reimbursements, improve insurance provider compliance, and drastically boost your practice’s profitability over time.
As a quality healthcare provider, you’re likely more focused on improvements in patient care than you are on profit margins. At the same time, you run an establishment that must stay profitable to stay in business if you want to serve your patients. Managing reimbursements and collections is essential to financial health. More than a third of health care institutions rack up $10 million in bad debt annually. The situation has only worsened due to an upward tick in unpaid bills and underpaid or unpaid claims. Due to these unprecedented numbers, more and more healthcare providers are opting to outsource and automate their revenue collection process, hoping to reap the benefits of the RCM process for their healthcare establishment.
Healthcare RCM is the process of managing the entire revenue cycle, ensuring no delays due to unnecessary, wasteful tasks or revenue collection issues. The RCM process starts with the patient scheduling a visit and ends with the healthcare provider receiving payment. The fewer interruptions in the flow of this cycle, the better it is for both patients and healthcare providers. The process can be viewed as a series of automated steps designed to eliminate confusion. These steps typically include:
- Patient check-in and prompt, correct insurance authorization
- Correct Medical coding and billing
- Insurance claim prepared
- Submission of insurance claim
- Receipt of payment
- Denial management
- Follow-ups for accounts receivable
- Patient statement
- Auditing and Reporting
Utilizing revenue cycle management in healthcare is the process that ensures steady collections and makes healthcare providers financially viable.
The Benefits of Revenue Cycle Management for Your Healthcare Establishment
Improved Patient Experience
Correct implementation of the RCM system reduces administrative burdens for healthcare providers, so they focus more on delivering quality care. Revenue cycle management automates every step of the process and improves the patient and provider experience by reducing the incidence of denials and ensuring timely payments.
Reduced Administrative Load
Healthcare providers are no longer bogged down by administrative tasks that can easily be outsourced to experts who are experienced at managing the entire revenue cycle exclusively. More availability of time helps them focus on growing the business and delivering quality care.
More Accuracy and Fewer Errors and Delays
Delay in the collection process frequently occurs due to errors in the billing and codes. When combined with outsourced billing solutions, RCM can optimally run, free from unnecessary mistakes and redundancy.
Patients are often denied by their insurance company due to simple billing errors. When the majority of errors are caught and eliminated in the system, the denial rate drops, which benefits patients greatly.
Revenue cycle management speeds up the collection process by automating tasks while lowering the administrative burden on healthcare providers. This cycle promotes faster collections. Providers prepare their bills more quickly, and timely submission expedites collection.
Find Your Healthcare RCM Solution With RevWerx Today
Opting for in-house healthcare billing can be expensive and inefficient. When RCM services are outsourced to an expert team, healthcare providers can dramatically increase their revenue due to reduced cost, elimination of errors, and increase in collections received. Call RevWerx today at 833.309.0138 for more detailed information about how our company can help your healthcare establishment grow and prosper.