November 4, 2022
Revenue cycle management is a multi-dimension process. If implicated correctly, hospitals and private practices can benefit from this system exponentially. RCM is a complex process balancing a practice’s revenues, patient flow, reimbursements and charges, ensuring the healthcare practice does not loose hard earned dollars through providing services.
Thus, hiring an external vendor for revenue management or purchasing an RCM solution is the only option. This article will guide you on the main features that one should review before selecting a RCM company.
Healthcare revenue cycle management (RCM) solution is optimized in a healthcare organization to balance incoming and outgoing cash flow, while keeping charge of every service payment. It overlooks the flow through:
Revenue cycle management (RCM) uses multiple technologies to perform these functions, namely, artificial intelligence (AI), robotic process automation (RPA), and optical character recognition (OCR).
Here are some challenges RCM integration might face:
Every company delivers the best of their practices, taking use of multiple common features. Below are some key rising features that shall block revenue leaks of your practice in future:
It is a human psychology that upfront cash claim after services taken, results in patient outburst. A recent study indicated that 40-60% of patients happily completed patient charges when informed of out-of-pocket cost initially.
Patient estimator technologies of an RCM solution creates a pattern for full transparency at both physician and patients end. Thus, helping patient to make much informed financial decision. This eases prior authorization protocol, aiding in reduced denials and higher satisfied patients later.
Studies show that average deductibles have topped up to 20,000 dollars over the years. Payment dynamics is shifted from payers to patients, indicating that patients are becoming the larger payers nowadays.
Patient liability is rising and patient’s understanding of this liability is not. This confusion is leading to uncompensated care, keeping physicians inaccurately paid for their delivered service. Another feature that highlights RCM solution and delivers higher patient experience, is calculating patient data capture accurately.
Once patients are communicated clearly of all the charges before service, chances of their relapse are low. Also, patient accountability will boost over time.
Revenue cycle management encompasses several intricate steps of evaluation to deliver the right plan to fit your service. Annual and quarterly delivered analytics provide:
Every clinic is different in terms of specialty, care delivery, patient kind and technicality. Hence, one code style can never be subjected to all practices. RCM solution that delivers financial and medical experts keeping eye on changing codes, and following up with the medical coders shall resolve coding concerns. A perfect RCM solution effortlessly translate the treatments, medications, and disease conditions to targeted codes.
Opt for an RCM solution formulated with in-built code dictionaries. These are also effective and time-saving for physicians and revenue attractors for the practice.
Our HIPAA-complaint solution is a cloud technology encompassed solution that stores, streamlines and evaluates patient data in a row. All, keeping the PHIs secured from technical espionage.