How can RCM services help practices be financially stable?

The healthcare industry today is different from what it was a decade ago. The space has become much more competitive and advanced. Today, providers are looking at challenges that are not static, and if you want to survive, you have to move, adapt and excel.

Providers have to create a cushion to endure the financial impact of challenges that come their way. It is possible only when you know how to optimize the revenue cycle and maintain a positive revenue flow. 

COVID-19 is the latest tsunami that has brought enormous challenges to practices. The situation has eased, and practices struggling with the lowest patient inflows are now returning to ‘normalcy.’ Revenue cycle management has always been crucial. But the pandemic has reiterated the need to get the experts involved.

Healthcare providers can survive the competitive scape with dedicated revenue cycle management services. RCM services can help providers reduce debt, improve cash flow, and reduce administrative costs. 

RCM services that can help your practice

• Claim submission and processing

The RCM team makes sure that the claims are submitted once the services are rendered. The claim submission is made as cleanly as possible to maximize the reimbursement potential. RCM teams also work to streamline the submission process by automating the processes with electronic claim submissions. 

Administrative staff cannot focus much on the follow-ups because of their limited expertise. RCM team, on the other hand, can dedicatedly follow up on the claims.

Claims have to be processed as soon as possible to receive better reimbursement. If you file your claims too late, insurance providers may refuse them, forcing your practice to resubmit them at a higher expense. The RCM team makes it possible to submit the claim promptly to avoid such expenses.

• Code auditing

During code auditing, medical codes are validated against procedure documentation to determine proper reimbursement amounts from payers such as Medicaid, Medicare, and other commercial carriers.

RCM service teams assist practices with code validation solutions tailored to healthcare workflow procedures. They can give real-time updates on the risks associated with each provider and their employees. An audit may be required for a variety of reasons, including:

• Accreditation survey
• Revenue cycle improvement initiatives
• Medicare compliance review

RCM team can support practices through code audits by providing relevant expertise and resources. In addition, it ensures that your practice is charging accurately for services and increasing reimbursement levels. 

• Payment posting

Payment posting records your revenue and expenses accurately by directing payments from patients and insurance companies to the appropriate accounts in your practice’s accounting system. 

Payment posting is automated by RCM services, handling it swiftly and efficiently. In addition, automating this procedure ensures that your practice’s financial data is correct and up to date.

• Collections

The collection procedure includes seeking collections from patients who have received service but are yet to pay their costs. It can be a daunting task. 

RCM team monitors patient accounts with the help of their dedicated revenue cycle management software and contacts patients who are past due on payments. It helps your practice reduce bad debt and enhance its cash flow.

We can help you scale your practice.

Capline Services is one of the leading healthcare revenue cycle management companies in the United States. Our RCM service professionals understand the need for a smooth revenue cycle. From claim filing to denial management, we have got it all covered.

It is time to let go of the hassle, improve your workflow, and enhance your revenue cycle. All of that is just a call away.