Revenue cycle management (RCM) in a nutshell is a financial process that utilizes medical billing software. Healthcare facilities use this to track patient care from registration, appointment scheduling and the final payment. RCM requires technology to keep track of claims and handle issues as they arise. Using the services of revenue cycle management companies can greatly improve efficiency, reduce errors and ensure services are billed correctly. In the long run, this improves both your bottom line and customer satisfaction. Read on to find out more.
Reduction in Denied Claims
Claim denials are an ongoing problem for healthcare facilities and show no signs of slowing down. However, the majority of denials are preventable and more than half of these are recoverable. In order to reduce their denials, revenue cycle management companies incorporate best practices to reduce everyday denials. They also help reduce backlogs and make changes to an unreliable revenue cycle. Having these systems in place ensures accurate documentation of patient insurance status. In addition, they ensure co-payments are collected and claims are coded properly.
Increased Efficiency With Automation and Technology
Using a manual, paper-based system to follow up on rejected claims is time consuming for employees and uses up valuable resources. Revenue cycle management companies use technology and automation to increase efficiency with claim denial follow-ups. Manual processes increase the risks for mistakes due to human error. This can be eliminated through using automation and current technology advances. RCM companies eliminate this through workflow focused systems. Using current technology and automation can save thousands of dollars a year. This is accomplished through reducing paperwork costs and decreasing research time, as well as improving efficiency interacting with insurers and reworking claims.
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