What is Revenue Cycle Management?
Revenue Cycle Management (RCM) is the process in which healthcare facilities and practices manage the entire billing lifecycle of the patient, from patient scheduling and registration to final payment. It is a critical part of running a hospital or other health facility and how effectively it is managed determines the success of the practice, regardless of whether you serve 50 or 5000 patients.
Benefits of Revenue Cycle Management
Revenue Cycle Management is complicated and has many moving parts. If one thing goes wrong, for example someone entering the wrong code or forgetting a step, could mean you, the provider, don’t get paid.
Denied claims bring a double-edged negative effect to your practice, in that not only do you miss out on denied or delayed revenue, you also need to spend staff hours reworking and resubmitting the claim. This is a redundant task that drains profitability and leads to many people simply avoiding reworkable claims that could earn the practice money.
Properly managing your revenue cycle means that you’ll have less revenue leakage, higher clean claim rates, and peace of mind that you’re going to get paid for the services you provided.
Large health systems have entire teams dedicated to managing their revenue cycle with software and tools to help ensure that they get every dollar possible. With PayrHealth, you’ll be able to take advantage of the same tools, expertise, and processes that the largest providers use.
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Medical Billing Services
Credentialing
Who is Eligible for Revenue Cycle Management?
Whether you’re a single provider, or a multi-state health system submitting hundreds of thousands of claims a year, Revenue Cycle Management is important to make sure you’re getting every dollar you’re owed.
By having an outsourced team dedicated to making sure you’re following all the necessary steps to getting paid for every claim you submit, you can dramatically increase your revenue, dedicate more time to your patients, and relieve your office staff from the unnecessary burden.
Case Study
$500K Revenue Increase In A Single Year
Bone & Joint Surgery Center of Novi wanted to renegotiate their top three revenue-producing payer contracts, and PayrHealth’s experience brought an increased reimbursement, realizing a double-digit percentage increase to their major contracts.
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Our experience with PayrHealth was spectacular! Not only are they affordable for ASC’s, they fully understand insurance contract negotiations while offering a software that allows you to analyze your current contracts.”
About PayrHealth
PayrHealth is an all-in-one payor relationship management solution. We strategically and proactively manage contracts, payor relationships, and revenue cycles to help level the playing field between independent providers and payors.
U.S. Based
Meet with a team that understands your unique needs wherever you are.
Deep Experience
Our team covers and have solved problems in a wide-ranging variety of provider industries.
Small & Medium Size Providers
We look out for those who need our services and expertise the most.
Growth Focused
We’re a growing company, too! We focus on your growth and aim to be a dependable partner for years to come.
What's Unique About PayrHealth
We handle all communication, submissions, resubmissions, and escalations with payors. That means you’ll know that the best codes are always being used, every denial is being followed up on immediately, and you are being paid for every claim you submit.
With regular check-ins and a dashboard to drive your practice growth, your focus can be on the patients you serve instead of managing claim submissions, denials, code changes, accounts receivable, and collections.
Our Revenue Cycle Management Process
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First, the onboarding process gives us the opportunity to meet your team and begin to understand your challenges, market, and provider specialties.
02
Next, we jointly create a strategy by identifying your goals, determining priorities, and aligning on SLAs.
03
Once we all agree on the strategy, we begin medical billing and claims submissions.
04
As we gain traction, we’ll continually iterate to helps identify process improvement opportunities and streamline the collection process.
05
In the long-term, we will report monthly on key metrics and meetings to review progress build around data that matters.
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★★★★★ 5/5
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The information provided by PayrHealth, LLC (the “Company”) on this website is informational in nature, and has not been tailored or modified to fit any particular set of facts. You should review and consider these materials at your own risk, and they should not be considered as client advice. To the extent you desire to establish a consulting relationship with the Company and obtain tailored advice regarding your specific operations and potential revenue growth, please contact info@payrhealth.com. The Company disclaims any liability with respect to the materials set forth herein.
