Revenue Cycle Management is basically the process of ensuring that one is getting duly paid for the services healthcare provider renders.
Revenue Cycle Management work is done by hiring special employees who will note down the phone number, name of the patient and his insurance company, when he calls for an appointment with the doctor. This cycle ends when the balance in their accounts is zero. Therefore RCM is basically the process of managing payments, claims processing and revenue management. The utility of the perfect technology is very crucial for this purpose, and it ensures the keeping track of the processes and claims at every point in his life.
What does Revenue Cycle Management comprise of?
• Revenue Cycle Management requires keeping track of the claims in the system.
• It is also important to collect the payments in due time and the claims getting addressed. Thus, 90% of mixed revenue opportunity can be facilitated.
• This process includes everything from determining insurance eligibility of patients, to coding claims and collecting pays.
• Efficiency and time management are important parts of Revenue Cycle Management.
How to choose the perfect RCM?
The perfect Revenue Cycle Management should be chosen on the basis of experience that a particular company holds. A perfect RCM should help a company to cut costs and increase its efficiency in the perfect manner. The company should be capable enough to offer a flexible billing system and also a robust revenue system cycle solution.
How can a medical care unit ensure proper Revenue Cycle Management?
A hospital can conduct Revenue Cycle Management by verifying a patient's insurance coverage before they take the appointment. It is very important to do so, in order to ensure that a patient will be able to timely pay the bills without any possible problems there. If the insurance is not verified, then the organization develops inefficiency, which delays the entire schedule of functioning.
Thus, every physician should maintain the practice of pre-visit eligibility verification. If the physician feels that Revenue Cycle Management has not been done properly and the patient has also not appeared on the scheduled day, then he should call up the patient for corrected information, or even reschedule the patient and call him any other day to ensure efficiency of work. This entire process becomes very difficult for a multi-branch hospital and then it calls for a specialized organization that can conduct efficient Revenue Cycle Management for them. Several companies today are ready to provide rules-based, flexible and exception-based workflow engine, which can help an organization to gain greater control over financial and operational processes. Thus, through Revenue Cycle Management, savings both of time and money can be ensured.
By streamlining of billing processes, one can surely maximize their collections. If such work is levied on certain specialized companies, then billing errors can be reduced. Thus, cash and revenue both can be optimized and it will move a notch higher. For ensuring correct reimbursements, management of complex payer contracts is also ensured by these companies.