There are a plethora of Medical billing and coding services in the US readily available to assist providers in getting reimbursed quickly. Revenue Cycle Management (RCM) is the financial process that utilizes medical billing software to receive provider reimbursements. It is used by health care entities to trace patient care from scratch to its finality. This may start from patient registration, appointment scheduling to the release of payment of balances due. While health care facilities, hospitals are always pushing to save lives they also need to maintain a financially viable and cost-efficient plan to function smoothly. According to an analysis by Grand View Research, the global Healthcare Revenue Cycle Management Market is anticipated to be worth $65.2 billion by 2025.
A health care organization can run an authentic and scalable business only through streamlined policies and practices. That is where the role of a healthcare revenue cycle management begins. Collaborating with a seasoned, reliable, and efficient medical billing outsourcing solutions partner is an intelligent and proactive way to reach a secure pinnacle of success in the industry. Medical billing and coding companies have the expertise to deal with certified coding practices, A/R collections, analytics, practice management solutions, and HIPAA Compliance.
How Revenue Cycle Management builds the foundation of a practice?
Full-Service Revenue Cycle Management solutions in the health care market are creating new avenues and opportunities for professional medical coders who want to join a progressive medical billing service provider. The economy is rapidly evolving thus maintaining sustained growth can be a rather daunting feat for solo practitioners. The global competitive nature of the healthcare industry also requires the providers to stay on top of all medical billing trends prevalent today. Revenue Cycle Management practices usually include looking into claim denials, verifying claims authentication, charge entry inclusive of payment postings, coding for medical treatments, insurance follow-ups, and analysis of payments and maintenance of balances. They also offer patient registration with the eligibility verification which streamlines the processes right from the start.
Why do you need a Revenue Cycle Management Company for your practice?
A practice has many factors that have to be micromanaged for greater cash flow. This includes expenses of infrastructure, payroll, use of software technology, and adequate manpower to fulfill the operational fundamentals for the practice. There is an evident difference between outsourced medical billing service and in-house billing in comparison. As operational capacity and service standards have to be precise the need for credible connoisseurs adept in Revenue Cycle Management for physician practices to get the job done efficiently and adequately is in greater need than ever.
The Significance of Patient Collection Services
Revenue Cycle Management serves as a primary tool in engaging insurance companies for the deliverability of accounts receivables and denial management. It is the core concern for any health care provider to ensure a steady flow of revenue. It also keeps the health care practice afloat and thriving consistently. Effective risk management is a key part of operating a modern health care practice. Revenue Cycle Management is an effective aspect of any health care business. It deals with processes that warrant the affordability of the right health care treatments. Improvement of the revenue cycle is a constant challenge for health care organizations as it is a daunting task that needs rigorous control and constant monitoring. There is a lot of pressure for a Revenue Cycle Management company to efficiently collect payments for medical services rendered. Medical billing companies prove their worth through achieving successful HIPAA Compliance and by being ISO 27001 and 9001 attested. They enable a systematic and critical approach towards data security and protection of patient health information as well.
How Revenue Cycle Management for Physician Practices Boost Profits?
A medical revenue service collection agency greatly boosts your financial stability, adds to your quality of service by exceeding your expectations, and as a result optimizes the growth of your practice. It alleviates the stress of quicker reimbursements and helps them focus on patient care. It is the fundamental responsibility of a medical billing and coding service provider to increase the debt collections of a practice efficiently. This also necessitates the acumen of the medical collections agency to deal with multi-specialty based practices. As the coding practices for each field of medical study are entirely different from one another. Green Sense Billing Company is one of the top-rated medical billing and coding service providers. We also specialize in Revenue Cycle Management Best Practices Methods.
Common Inadequacies that Slowdown Practice Management Revenue Cycle Process
Revenue Cycle Management technology automates the process of requesting payment with accuracy and refinement. As value-based care is the primary goal of any health care provider there is a huge portfolio of providers to choose from. The orchestration and processing of payments is the number one priority for many health care organizations since eons. It helps in building an enhanced patient-provider relationship. The average turnaround time for Accounts Receivable (AR) recovery should be taken into consideration before deciding on the best medical billing and coding vendor. Common problems faced by providers include recurrent late claim submission, inaccurate coding practices which lead to more audits, complaints from patients regarding inefficient reimbursements, exceedingly high operational costs, poor employee performance and absenteeism, and lack of accurate denial management.
Choosing the Right Revenue Cycle Solutions Experts
Top points to bear in mind before engaging a Revenue Cycle Management provider would be a diverse customer base, A/R collections reputation, ample experience in utilization of CPT and ICD -9 codes, denial management, follow-ups, provider enrollment as well as credentialing. These are the core capabilities needed to deliver strategic value to your Revenue Cycle Management. According to Business Wire, around $262 billion in healthcare claims are initially denied. This calls for the need to focus on denial management so that claims are processed correctly the first time. Revenue Cycle Management providers assist in collecting payments on submitted claims, boost revenue, and consistently follow-up with insurance companies for quicker settlements. Patient collection services have gained great eminence in today’s health care industry. There is a constant change in the medical billing and coding practices which necessitates adequate research and familiarization of coding strategies.
Benefits of Outsourcing Your Revenue Cycle Management
More than 70% of medical practices are outsourcing their denial and AR follow up tasks. The untapped account receivables mount up to epic proportions, as providers usually spend a lump sum on administrative costs. This is a common struggle for the daily operations of a health care facility. Thus the need to collaborate with state-of-the-art technology to ease the burden of timely collections is the wisest thing to do. It provides medical practice access to fully trained specialists who can tackle all your billing needs. It also significantly reduces operational costs. Affordable rates with bundle packages that are relevant to the unique needs of each practice. Revenue Cycle Management practices that leverage HIPAA compliance improve your revenue collection ratio by almost 90%. With an uninterrupted 24/7 technical service that ensures flexibility and rapid turnaround of claim processing and Revenue Cycle Billing is the most viable solution out there today. Timely follow-ups with insurance carriers lead to faster revenue generation. It is integral to explore sophisticated and fully automated software technologies for business process enhancement.
GreenSense Billing understands the role of Revenue Cycle Management as a crucial organizational utility in your health care practice. Proud to serve the health care industry for over 20 years. Partnering with us will ensure a higher reimbursement ratio and accurate denial management through our patented EHR and Practice Management solutions. Keeping you up to date with the latest coding practices we ensure compliance and accuracy. Our customized end-to-end solutions are tailor-made to maximize you’re A/R requirements in no time.