Things to know about revenue cycle management

Get an insight into the revenue cycle management process 

A recent survey of providers highlighted that their number #1 priority was running a more profitable practice. 

That’s where the right technology solution can help but there are plenty of options when considering the best service for your business. 

The right revenue cycle solution can help practices collect payments quicker and do it more efficiently but also do so much more for the practice’s success. 

Revenue cycle management in medical billing is the process of collecting payments for medical bills to generate revenue for a healthcare organization.

Outsourcing RCM is the same as referring to a specialist. That specialist has focused training, more experience, access to specialized knowledge, and greater resources to handle the tasks. 

Benefits of outsourcing revenue cycle management process 

There are plenty of benefits to outsourcing revenue cycle management healthcare. The following are some of the things you need to know about how the solution benefits your business.

1. Get paid faster 

The greatest benefit of an RCM solution will be the impact on practice financial performance. Revenue collection is a critical part of running a practice, but it’s also one of the most challenging.

Revenue cycle management enables increased collections, faster payments, and fewer billing efforts; all driving a more profitable practice. 

The RCM process runs through all areas of the patient experience from making the appointment and determining insurance eligibility to medical coding and charges capture to claims submission, payment posting, statement processing, and managing denied claims. 

The total time it takes the practice to manage these tasks impacts cash flow and getting your business the amount owed as quickly as possible. 

In short, an efficient RCM process gets the business more money, in a shorter time, through a consistent process, and with lower costs to earn it.

2. Increase in-house staff satisfaction

An efficient RCM solution reduces the administrative burden on staff. “Too many administrative tasks” was cited as the top driver of burnout in a study. 

With an RCM solution, the technology does all the redundant work, including medical coding, billing, verifying insurance coverage, interfacing with payers, and other tasks.

Reducing administrative burdens and redundant processes with a revenue cycle management solution enables you to allocate staff for higher-value, patient-facing tasks that positively impact both the patient and staff experience.

3. Gain content patients 

Patient expectations for the healthcare sector are changing rapidly. Studies show a positive clinical outcome can be overshadowed by a negative administrative & billing experience.

Every encounter in the revenue cycle, from appointment scheduling to final payment, hugely impacts patient satisfaction.

Patients aren’t really concerned about the particulars of the process. They simply want to schedule appointments, see their doctors and pay their bills without any significant issues. 

A more systematized RCM process provides them greater consistency and convenience and by automating the revenue process, an RCM streamlines the different encounters across the patient journey from the initial appointment setting to the process ending with on time payments.

4. Improve the financial health 

Just as a provider focuses on physical and mental health, think of your revenue cycle management as a tool to assess the practice’s financial health. 

The major benefit of an RCM is visibility. By using the RCM to examine processes and analyze data, you’ll gain an accurate, transparent assessment of your business’s revenue performance.

An exceptional RCM solution offers automated data aggregation and reporting solutions to help your practice improve communication with patients. This provides you a more efficient and seamless solution and creates a whole better patient experience.

Get healthcare financial assistance from the experts

If you wish to improve your RCM but don’t have the time or resources to dedicate a section of your staff to it, then it is highly advised to look out for a healthcare partner to help you do all the work. 

Capline Healthcare Management can be the perfect partner for your RCM needs as we are the leading healthcare partner offering end-to-end revenue cycle management solutions. Call us at (888) 444-6041 to request revenue cycle management fees.