Knowing about Revenue Cycle Management Healthcare Outsourcing for Your Practice
Revenue cycle management is essential for any healthcare practice to simplify the control of the financial aspects of medical facilities, especially hospitals. Outsourced companies can provide all-inclusive healthcare and medical-related services, from pre-registration of patients to appointment scheduling, including medical billing and coding services. However, it can also be very challenging to select the best revenue cycle management outsourcing firm, which can successfully achieve HIPAA compliance and ISO 27001 and 9001 certifications to enable a systematic approach that ensures the protection of confidential patient data and increases the efficiency of overall medical billing and coding operations.
An incompetent RCM system can have many unpleasant effects and negatively affect multiple aspects of a medical organization. Companies with vast experience in revenue cycle management services can deliver quality and strive to pay quickly. This would ultimately lead to better management practices.
Outsourcing Revenue Cycle Management for Healthcare Practices
Whether you are a healthcare provider or an independent physician, any proper medical billing and coding service provider can fulfill your medical billing services and aspects necessary to support and meet your specific healthcare needs. Outsourcing revenue cycle management services can ensure a more modern and cost-effective medical billing process that results in lower billing errors, more claim submissions, resolutions, accelerating the revenue generation cycle for healthcare practice and help to build a better patient-care provider relationship.
The medical industry’s revenue cycle management services include health insurance claims processing, medical billing, and coding solutions, primarily focusing on medical data quality and information accuracy required in healthcare practices. Some companies provide advanced and affordable revenue cycle management (RCM) solutions to large, medium, and small-sized medical practices. These medical billing and coding providers can help to collect payments for submitted claims, increase revenue from poorly paid claims and stay in touch with insurance companies for faster resolution. In addition, they take care of your medical billing and coding processes efficiently. Plus, they offer complete aspects of front-office tasks, including patient registration with authorization verifications, and simplify billing processes right from the start.
Revenue Cycle Management Processes
Service providers can help medical practices process demographic data and information about their patients. They are in charge of entering all the necessary patient information and insurance data. They also review and validate all the required information related to their medical care. Once this process is complete, a registry of these patients will be created.
Claims Submission, Generation, and Resolution
These companies can handle both electronic complaint filing and the necessary paper complaint filing. Their experienced team organizes Explanation of Benefits (EOB) and submits the essential claims with the approved health insurance company.
Reliable Medical Coding
These outsourced medical billing and coding companies operate following restructured healthcare standards and methodologies from time to time, established by CMS, AMA, Medicare contractors, federal agencies, and medical societies.
RCM outsourcing companies can also provide outsourcing services with multiple teams managing and processing medical billing aspects for many specialties. Only a good company with extensive experience handling these aspects should be hired for the best billing results, including:
- Medicare and Medicaid Services
- 3rd party liability
- Better managed support
- Ideal provider organizations
- Guaranteed insurers
- Workers’ compensation
Payment Record and Posting
Medical billing outsourcing companies can also ensure that all necessary payments are displayed quickly, accurately, and adequately in the medical billing software system or clearinghouses. These providers regularly review all posted medical billing payments to reduce errors in various medical processes while entering required patient information.
RCM outsourcing companies can also help with analyzing, correcting, and resubmissions of denied complaints. This process involves identifying claim denials by using the revenue coding and the required CPT / HCPCS codes.
At the end of this process, various claim denials are analyzed, and a complete comprehensive report is produced. This process helps to manage all requested claim denials effectively.
Accounts Receivable Services
Outsourced medical billing company can help you to identify all the necessary patient accounts that need follow-ups so that you may take corrective actions to collect unpaid medical claims.
Medical billing solutions for the medical industry also include:
- Identifying the reasons for rejecting medical claims
- Use of CPT and ICD-9 and ICD-10 codes
- Verification of claims authentication
- Account receivables
- Entering medical codes, charge entry, as well as payment postings
- Capturing and entering the medical coding
- Insurance tracking
- Managing denied claims
- Patient follow-ups
- Follow up on pending claims
- Medical billing payment and financial analysis
- Regular and accurate reporting
- All kinds of medical billing modifications and adjustments
- Payment promptness for different payers
- Credit maintenance
- Patient and provider registration and credentialing
Monthly Reports for Improved Medical Billing Processes
As your outsourced revenue cycle management partner, GreenSense Billing can produce monthly reports to help you manage your practice cash flow and provide you with the clear and concise financial information that you need to increase your revenue
By taking into account all the reports related to your practice’s revenue cycle management services, that can help improve medical processes.
Simplifying your Cashflow
An experienced RCM outsourcing service provider who has invested in technical and IT resources and understands the industry dynamics can easily prove to be an ideal business partner for growing healthcare practices. There can be many ways to get help from your RCM outsourcing to increase your medical practice’s income.
Benefits of Selecting to Outsource Your Revenue Cycle Management
- Getting full access to qualified professionals without making additional investments
- Saving Medical Cost of Ownership with Affordable Contract
- Use HIPAA Compliant Practices to Improve Revenue Collections
- Full access to medical billing services 24 hours a day, seven days a week that guarantee faster response times
- Carrying out periodic follow-ups to increase the collection of payments.
- Discover refined technologies to improve your medical billing processes
Commitment to Data Protection
With Outsourced RCM service providers, you can also achieve HIPAA compliance and have your practice ISO 27001 certified to protect your patient’s confidential data. Following these data security standards, your outsourced RCM partners will have strict protocols for adhering to Protected Health Information (PHI) and towards other required data.