Revenue Cycle Management
In today’s healthcare environment, physicians and healthcare providers must focus more on the business side of their practice to ensure long term sustainability.
What is Revenue Cycle Management?
Why is Revenue Cycle Management Important?
The Healthcare Financial Management Association (HFMA) defines revenue cycle management (RCM) as “all administrative and clinical functions that contribute to the capture, management and collection of patient service revenue.” In other words, it is a term that includes the entire life cycle of a patient account from creation to payment in full. It is the lifeblood of your practice.
Did you know that CMS rejects 26% of all claims and that up to 40% of those claims are never researched, corrected and resubmitted?
Many practices have gone bankrupt because of increasing claim denial rates. It is estimated that US physicians face a loss of at least $125 billion every year because of poor medical billing and little to no revenue cycle management.
Without proper revenue cycle management, these claims can result in lost revenue of up to 10% of your collections. However, with the proper revenue cycle processes and workflows in place, your office can increase reimbursements, maximize cash flow and decrease bad debt write-offs.
WE SPECIALIZE IN RCM
AccuMedChart specializes in Revenue Cycle Management or RCM. We know that RCM starts with staff training, workflow assessment and communication. Optimizing your revenue cycle requires a complete analysis of all processes. If one person isn’t doing their job correctly, completely or consistently, it will affect the outcome of the entire team. In most cases, errors are the result of inadequate training and the lack of understanding about how one person’s job affects the entire outcome.
The RCM solution doesn’t end with training and education. It continues when a patient schedules an appointment and your staff accurately captures and verifies the patient demographic information e.g., patient’s name, responsible party, phone number, address and the name of their current insurance company. It continues by automating business processes leading to speedy follow ups, which encompasses patient and payer follow-ups. The cycle ends when the balance on their account is zero.
Healthcare providers need to maintain a faster RCM cycle to stay solvent, maintain requisite cash flow, and keep revenue figures stable and strong.
Reporting and Analytics
Reports and related analytics are many times overlooked or left to the practice to generate. However, AccuMedChart believes that reports and analysis are tools necessary for success. As part of AccuMedChart’s RCM services, reports, both standard and customized, are provided at no extra cost to the practice. These reports detail charge and payment trends, encounter trends, denial information, and report on charges that have not been submitted thus guaranteeing no missed revenue. Regular reporting with analytics allows the provider to effectively forecast the continued growth and profit of the practice.
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Physicians and hospitals nationwide trust AccuMedChart for their medical billing and coding needs. Talk to an advisor and learn why.