Every practice or medical organization manages its revenue cycle to some degree, but an organized, well-designed approach to revenue cycle management can be the difference between a struggling practice and a thriving one. Revenue Cycle Management (RCM) begins when the patient enters into a relationship with a healthcare organization and continues through the entire process…
Effective revenue cycle management (RCM) is critical to the financial success of a medical organization and outsourcing to experts makes the process both more accurate and efficient. Many people do not realize that RCM is much more than bookkeeping and cost cutting. Everything related to how a practice gets paid, from getting insurance approval when…
A medical practice has two major types of accounts receivable: reimbursement from insurers or government payers and the part of a charge that the patient is responsible for. Collecting payment from each of these two involves a completely different process, but a medical billing company will take care of both of them. Medical revenue cycle…
Regardless of the industry, business success clearly depends on getting paid for goods and services provided. In the healthcare sector, revenue cycle management (RCM) is more elaborate and complicated than it is in any other field. In its most simplified form, medical RCM begins when the patient contacts a provider to make an appointment. It…
Medical billing has become a huge issue for many medical practitioners, ranging from individual private practices to extensive regional hospital systems. Physicians are even moving into early retirement because the additional stress and paperwork involved are taking the joy out of their jobs. Outsourcing medical billing to an organization that does not practice…
Medical billing inefficiencies can bankrupt a medical practitioner, a group, hospital or medical center. The demands from insurance organizations are mounting immense pressure on providers to straighten out their coding and billing processes and to improve their revenue cycle. As a medical professional, no matter what position you hold, either you are an independent physician,…
Revenue Cycle Management is a process that is employed in the US healthcare system. In the United States, the revenue from patients is tracked from their first encounter with a medical facility to avail any form of medical service or product to their most recent payment of balance. The cycle can be defined as, “all…
Medical billing acts as the bridge between a healthcare provider and the insurance company. The number one problem that healthcare clinics and other medical facilities face, is collecting money from patients in the form of insurance claims. Problems mount when healthcare providers try to handle both their healthcare practice and the financial burden of the healthcare…