From simple check-ups to complex surgeries, healthcare providers perform procedures on their patients all year long. The focus is to serve their patients in the best possible manner and to get over health-related challenges. The revenue they receive against the services offered should be properly managed. The process by which the revenue is collected for a healthcare organization is known as Revenue Cycle Management. The proper efforts must be put into revenue cycle management if a healthcare provider wants to survive in the market in the long run.
The ability to properly care for the patients and the financial health of the organization are interlinked. Good financial health motivates everyone to work in a better way, which increases the overall productivity of an organization.
What is Revenue Cycle Management
As the name suggests, Revenue Cycle Management is a strategy that healthcare providers can use to manage different fluctuations in their finances. The entire revenue cycle begins immediately as soon as a patient reaches the hospital and schedules an appointment with a healthcare provider. This cycle continues to the point until the final collection of bills is done and the treatment is completed.
The main aim behind the concept of revenue cycle management is to identify any obstacles that are rising in the process of revenue collection and resolve them as soon as possible. If the entire process of revenue cycle is carried out smoothly, the claim reimbursements can be maximized and there is an increase in patient’s service revenue.
RCM is helpful in improving the cash flow of the organization, improving the patient’s experience, staff’s performance, reducing the costs, and making sure that everything is completed within the regulatory framework.
Scope of Revenue Cycle Management
The scope of RCM is wide and is not restricted to only medical billing. The whole spectrum of organizational operations that affect financial health are considered in revenue cycle management. This broad spectrum includes - making financial strategies and policies, appointment scheduling, verification of eligibility, entire documentation process, care delivery, charging, coding, claim submission and resubmission, billing and denial management.
The growing scope of RCM can be understood here under:
Scheduling of patients and registration:
As soon as the appointment is scheduled by a patient, his demographic and insurance information are collected. The cycle starts at this step, and it is an opportunity to gather all the necessary information.
Care delivery and Patient’s satisfaction:
There is a requirement for high-quality patient outcomes and brilliant customer services in revenue cycle management. This will give an insight into whether a patient is satisfied by the services provided or not. In this way, the patient’s practice base is enhanced, and he may prefer to visit the same healthcare provider next time.
Eligibility verification:
Before the actual services are rendered, there should be proper eligibility verification. This will ensure that the proper amount is billed to the payer. Also, the patient is made aware of costs.
Coding:
When there is proper coding of diagnoses and procedures, it ensures accuracy and maximizes reimbursement. When the coders are knowledgeable and experienced, this process can be carried out easily.
Claim submission:
The way to maximize the chances of revenue is when your claim is timely and accurately submitted. This also prevents delays in the process. Those medical billing solutions which consider revenue cycle with claim submissions right from the beginning boost the healthcare’s ability to collect the full payment amount.
Improvement of cash flow:
When the finances of healthcare are properly maintained, the cash flow in the organization automatically improves. The amount of time that is taken to receive the payments stuck is reduced and the movement of cash becomes smoother.
Benefits of using Revenue Cycle Management Services:
Increased revenue:
When the claims are processed accurately and efficiently, the overall revenue is increased over the period of time. It becomes easy to receive the full payment for the services rendered by healthcare.
Better patient experience:
A positive experience is provided to the patients when their bills are processed in time without any errors. The trust of patients opens the doors to further revenues.
Enhances Compliance:
When revenue cycle management record of healthcare is up to date, it becomes easier for them to perform according to the rules and regulations. This helps healthcare as there are fewer financial penalties and other legal issues.
Improves overall efficiency:
All the processes which were previously performed manually in RCM are now automated. This has made sure that resources and time of a healthcare sector is utilized at the right place, and they can focus on delivering high-quality care to patients.
Better management of data:
Data accuracy in the organization is certainly improved and all the processes that use the data can work smoothly. This results in better decision-making in the long run.
Your healthcare also deserves to avail the above-mentioned benefits. Rather than relying on any other solution, it would be better for your organization to get these benefits from experts. And when we talk of experts in RCM services, Eminence RCM tops the list.
To eliminate the challenges in your revenue cycle management, Eminence is the most reliable platform that you can consider. All the financial activities will be managed smoothly, and the results will make you feel glued to the services. Contact Eminence directly for more details.
“Be ready to get financial problems of your healthcare checked from the best”