The quicker and more accurately you can file reimbursement claims, pin down payments from patients, and process bills, the more financially sound your medical practice is. However, with many pitfalls throughout this process of revenue cycle management (RCM) – especially human error – there are practically no limits to what can interrupt your cash flow and increase the amount of your receivables.
By incorporating robust RCM software or by partnering with PayrHealth’s RCM team, you can shore up your financial health while freeing your staff from tedious, error-prone tasks so they can focus more on what matters most: caring for your patients.
What is Revenue Cycle Management?
Your revenue cycle is the process of billing and receiving reimbursement from payors and patients following the completion of services at your practice. Ideally, your staff handles coding and claim submissions quickly after the services have been rendered so the health plan reimburses you in a timely manner (and in the correct amount), so the cycle of that patient’s services are closed quickly and to the full amount.
However, the complexities of rendering services, understanding payor contracts, submitting claims to different health plans, and following up when claims are denied or bills aren’t paid means managing your revenue cycle is a full-time job for several people.
RCM software automates the parts of this process that can be automated, including reminders for appointments, scanning claims before submission to detect common errors, verifying health plan coverage, access to billing data and real-time A/R reports, and more.
Features to Look For in RCM Partners
You may already be aware of the biggest headaches and revenue leakage points in your revenue cycle management, which will inform your choice of RCM partner for technology that provides claim scrubbing tools, for example. However, because every practice is unique and operates in a unique healthcare environment, there’s rarely a one-size-fits-all approach to successful RCM applications. Here are the key features our providers utilize to enhance their revenue streams through automation and technology:
- Integration with your EMR so patient records and services can be linked directly to your billing software
- Automated claim scrubbing tools to flag common errors in filing or coding before they’re submitted
- Automated coverage checks to ensure patients with insurance are eligible for certain services
- Secure patient portal for people to pay bills online
- Reporting and analytic tools to give practice managers insights into the financial health of the practice at a glance
- Up-to-date coding standards and automatic recommendations when using incorrect or outdated codes
These aren’t all the services we offer as part of revenue cycle management, but they do address the core issues many practices face when attempting to do things on their own, without integrated software to assist the human procedures that need to be followed.
Automate Your Revenue Cycle With PayrHealth
Whether you’re aware of it or not, your revenue cycle is vulnerable to leakage in the form of denied claims, missed deadlines, and lack of follow-up with patients and third-party payors. By leveraging our database of providers and our team of experts, you can gain access to the tools mentioned here and many more to help take control of your revenue and grow your practice at a healthy scale. Learn more about how our RCM services can help your practice by calling our team or contacting us online today.