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 really complicated and has a lot of moving parts. (See wheel above). If one thing goes wrong, if someone enters in the wrong code or forgets to do a single step – the provider doesn’t get paid.
- Revenue leakage is a huge issue for practice’s and it’s all a part of the revenue cycle. If a claim is denied, it may need to be fixed and resubmitted but providers don’t have time to do that so they end up just not getting paid. Their entry-level office staff could be submitting the wrong code and getting $70 less per patient than they could be – day in and day out. Every part of the revenue cycle wheel needs to be perfect and providers have to rely on people who are getting paid $15/hour to do it.
- It’s really expensive if you don’t do it right (you may even get audited by payors and that’s a nightmare) but it also takes a lot of time to do well. You need to keep a finger on the pulse of everything going on, every claim that needs to be submitted and resubmitted, updates from payors, changes to codes and policies, and trends to make sure revenue isn’t leaking. You have to do all of this while trying to treat patients.
Contact Us
Medical Billing
Credentialing
Who is Eligible for Revenue Cycle Management?
A majority of providers in the states don’t have the knowledge, data, time, money, or resources to get revenue cycle management right. The cool part about our service is that the amount of money they would pay us is far less than the money we’d make them by optimizing their revenue cycle and making sure they are getting every dollar possible. Similar to contracting services designed to free up time and energy to focus on patients.
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.
We analyze your revenue cycle and optimize it to make sure you’re getting paid more and more often.
It’s difficult to find expert coders and we have a whole team of them. Know you’re always using the right codes to get you paid the most.
We help you keep your revenue growing and consistent by making sure all of your claims are taken care of.
Regular check ins and a dashboard to drive your practice growth.
Our Revenue Cycle Management Process
01
Onboarding gives us the opportunity to meet your team and complete our comprehensive onboarding package
02
Strategy is jointly made by identifying your goals, determining priorities, and aligning on SLAs
03
Execution as the new extension of your team. We begin medical billing and claims submissions
04
Iteration helps us identify process improvement opportunities and streamline collections
05
Reporting monthly on key metrics and meetings to review progress build around data that matters
★★★★★ 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.
