Revenue Cycle Management concerns billing. Handling of claims, processing payments, and dealing with discrepancies regarding the insurance claims are dealt with in RCM (Revenue Cycle Management).
The RCM for particular patients begins when the patient initializes an account with a healthcare organization and continues till the balance of this account is consumed.
The RCM includes phases in which the patient’s insurance eligibility and the coding claims are thoroughly investigated and documented.
The Importance of Revenue Cycle Management
The following three points signify the importance of Revenue Cycle Management (RCM).
- Streamlining of Billing and Payment Processes:
The streamlining of billing and data organization takes place when you outsource your RCM to a medical billing company. It can be done in the following ways.
- A fully functional RCM system straightens out billing and payment collection cycle and simplifies and streamlines all the processes involved.
- The scheduling and registering staff at a bonafide billing company collect patient’s insurance information according to AMA. This information is submitted to an electronic eligibility request by entering patient’s data into PMS.
- The previous authorization problems are sorted out raised through electronic transactions.
- The process of submitting claims follow, saving time and money.
- The status of submitted claims is accurately determined.
- Simplification of Payment Information is possible through Electronic Remittance.
- Adoption of Healthcare information technology:
When you resort to revenue cycle management, it facilitates the adoption of Information Technology. It has very huge implications in terms of improvements in healthcare practices starting from clinic to hospitals and other facilities such as laboratories and imaging centers. It speeds up the documentation systems.
The digitization of the assets of healthcare organization can be a challenging task for the staff but choosing a good billing company for Revenue Cycle Management outsourcing, it can ease the transition of the medical organization to information technology related devices with electronic inputs and outputs getting rid of slow and laborious paperwork.
Several hospitals are struggling with information technology and its incorporation into their billing infrastructure. It is a scenario that deeply impacts the management of claims and large outpatient networks bringing the operations to a grinding meltdown.
The future of healthcare is highly dependent on information technology.
- Revenue Cycle Management (RCM) helps you get a Financial Policy:
There are many healthcare organizations that fail to create a precise financial policy in the form of documentation for their employees due to the lack of an efficient RCM for which many different policies are partially connected. Such policies should be available to all the employees in the form of paper documentation or e-documents and should go through the review of a legal counsel.
Once a financial policy is formed, it helps in providing guidelines to patients concerning the collection of copayments and lack of payment balances. The patients are also communicated with policies for their responsibilities and duties regarding their financial arrangements for unpaid dues, insurance requirements, and charity care according to the American Health Information Management Association.
When it comes to outsourcing the Revenue Cycle Management (RCM) a medical billing organization called Medcare MSO stands out. The company has an experience of several years and it has been functioning since 2012. The company provides highly inexpensive but quality services for Revenue Cycle Management outsourcing for medical facilities like clinics, hospitals, imaging centers and laboratories throughout the United States. If you are struggling with your Revenue Cycle Management and you are looking for a viable solution then we at Medcare MSO are waiting for your call right now.