Every single venture depends on the revenue available to them. Same is with the healthcare industry. The process of tracking your office's claim processing, payment, and revenue generation from it is known as the revenue cycle management. The patient revenue cycle of the health care unit can only be efficiently managed by practice management software or medical billing software. The process of the healthcare revenue cycle includes right from determining the patients credential, collection of their co-pay, coding of claims accurately, tracking the claims, collecting the payments and follow up on the denied payments as well.
To add to your knowledge, CMS rejects about 26% of the medical claims made and topping that 40% of those rejected claims are never resubmitted. Isn't that alarming? This is dangerous with respect to the loss of revenue of around 10% per physician. Sometimes you even face improperly trained staff that provides defective or error in medical revenue system. This is just like a chain and a single flaw in it would result in the shattering of the whole system. Coding errors or faulty data entry may result in costly mistakes. Poor workflow and lack of good communication among the staff also leads to poor medical coding and billing claims that result into this alarming statistics.
The revenue cycle starts right when the patient fixes an appointment with the physician. The duty of the staff starts right when they have to check the insurance coverage of the patients. There are several reasons why we stand at number one position since long in managing the revenue cycle for our healthcare system.
Our revenue cycle management includes all types of clinical and administrative functions that lead to capture, collection, and management of patient service revenues based on the rules and regulations set by the Healthcare Financial Management Association.
The storing and managing of the patient's billing records are done here with automated revenue cycle management software to improve perfection and clarity. We also work to interact with other health IT systems and provide you the minimum time between providing the service, billing and receiving the payment.
The admin tasks, like patients informing system, reminding the patients or the payers of a payment at the same time putting questions to the insurer on the denial of a claim are all done by the RCM system. This also helps in automating the duties of the admin staff here and the tasks are done more error free.
Not only that we work at the edge to provide every claimer the exact insight on the claim process which comes denied. This makes them understand why and for what reason the claims have been denied by the insurer. This process helps them to rectify the issues and resubmit the claims in a more clear-cut manner.
Here we provide a 360° solution for every healthcare issue by providing you the best ways to get complete care for the patient with prime attention on the patient and no other matters in the line.