While hospitals, larger healthcare systems and small practices are known for saving life and treating patient, maintaining a steady cash flow and driving revenue is equally important for the success and longevity of any medical facility. This is where Healthcare revenue cycle management solutions comes into place. Healthcare revenue cycle management (RCM) is the medical billing cycle that physicians, hospitals, and healthcare systems use to manage the administrative and clinical aspects of processing claims, payments and generating revenue.
It is way more than medical billing – it includes the whole spectrum of an organization’s operations, from financial strategy and policy, to appointment scheduling, eligibility verification, care delivery, documentation, coding, charging, billing and claim submission, denial management, and multiple steps and components in between.
It is essential that medical practices master this vital process, as it determines their ability to survive and thrive.
With the healthcare Operational Excellence management solutions provided by Knack Global, you can be confident it is. From optimizing your workflow and staffing to helping you maximize reimbursements and minimizing costs, our experienced professionals provide tailored strategies for your patients and organization
Benefits of healthcare revenue cycle management
Without revenue cycle management, healthcare providers would not be able to generate enough revenue to keep their doors open.
Revenue cycle management:
- A well-designed RCM system tracks patient care simplifies the billing and collection cycles, by registering, appointing, scheduling and processing the payment.
- With the help of RCM, communicating with the EHR and accounting systems becomes easier.
- Revenue cycle management links administrative data like a patient’s name, insurance provider and other personal information along with the treatment received by a patient.
- It bridges the gap between the business and clinical sides of healthcare.
- Healthcare providers take help of revenue cycle management systems for preserving and managing patients’ billing records.
- It reduces the time between offering a service and receiving payment for it by interacting with other health IT systems like electronic health record systems and billing systems.
- It enables the RCM system to perform duties automatically. As this was previously handled by employees, RCM has been able to save healthcare practices time.
- RCM is responsible for all administrative tasks including informing patients of an upcoming appointment, reminding payers and patients of an existing balance and questioning insurers, when a claim is denied.
- It save providers money by reducing the amount of denied claims and enabling patients to pay their bills online.
- It allows healthcare staff to enter all the information required for claims processing, and avoids the revision or resubmission of claims.
- The organization can also check where its revenue cycle has the scope of improvement by arranging billing data and producing corresponding reports.
About Author
George Smoth is working as a digital marketer at Knack Global. Knack Global is a well known revenue cycle management company. You can contact them for services related to DME Billing, Physician Billing, Dental Billing and Payment Posting Services.
