Benefits of Leveraging the Right Revenue Cycle Management Software
The following are the most noteworthy benefits providers can get with the right healthcare revenue cycle management system that they can't always get with their EHR solution:
Improvement in Getting Claims Paid
A robust revenue cycle management platform prioritizes completing all front-end tasks with accurate billing to make sure that claims for billable charges get paid the first time. Such medical billing activities include the collection of correct patient details, insurance verification, and applying the appropriate medical codes and modifiers to ensure full payment and revenue generation.
When claims are accepted immediately, healthcare providers can significantly reduce the time spent on the billing process and the whole patient service revenue cycle. You no longer need to spend time correcting issues that will cause a claim to be rejected in the first place. Because the claim goes out correctly the first time you can limit denials and subsequently the time spent on the phone managing those denials. Ensuring all information on every claim is precise through an eligibility check or pre-billing scrubbing feature is absolutely crucial for claims management in any revenue cycle. This is a practice that is left out of a lot of EHR solutions.
Increased Overall Collections and Revenue
Healthcare facilities, especially those designated as non-for-profits, need to make sure that every dollar is accounted for. Leaving money on the table due to incorrectly submitted or underpaid claims is simply not an option. Your RCM system needs to adhere to these high standards, leaving no room for error in your claims management process and revenue cycle workflow.
When a claim at your practice is denied, underpaid, or sent out incorrectly, the provider will not receive the payment that is due to them. This makes it exceptionally difficult to handle ongoing facility costs. Decision makers need to evaluate the full ROI for each of the different revenue cycle management solutions they're considering and select the vendor or software that prioritizes getting correctly reimbursed for every service and claim. This will maximize revenue from unpaid claims and patient collections to increase cashflow. MillinPro routinely generates returns 10x the price of the system.
With the right medical billing service, along with best RCM practices. facilities can reduce claim denials by uncovering the patterns that lead to them. Having the ability to recognize these issues and resolve them before they take place can allow providers to avoid claim denials as much as possible.
This ensures that the healthcare facility receives their reimbursements in a timely manner, so they can manage their revenue cycle and expenses better.
More Focused on Providing Quality Care
A medical practice that can apply revenue cycle management effectively can significantly reduce the time and money they spend correcting mistakes and trying to appeal claims. This lets them spend more time focusing on the quality of service that they provide to their patients and less time on revenue cycle management.
When they receive quality care consistently, patient satisfaction with the services provided will increase and they are more likely to value their healthcare providers. Clinics and medical practices that grow consistently year over year are able to do so because they are prioritizing services, rather than chasing money for denied claims that should have been avoided if proper RCM tactics were employed the first time around.
Healthcare facilities expertise lies in the hands of those providing services and that's why selecting a proper EHR is important. However, when it comes to billing and reimbursement let the revenue cycle experts handle your healthcare revenue cycle.
Enhanced Patient Experience
Because a good RCM software offers fully transparent glimpses into demographic and payer-level information and issues, administrative staff at a given provider can effectively communicate with those receiving services and alert them accordingly when there is an issue in the revenue cycle. A good practice management solution should be able to track unit utilization which will dictate the types of services an individual is eligible for and when they can receive those services, all of which affect reimbursement.
Part of a strong revenue cycle is knowing if and when an individual is eligible or ineligible for a given service can allow a patient to get the most of his or her time spent at the provider and work with staff on a treatment plan that reflects the best use of time for a visit to the practice.
Reduced Burden for Admin Staff
Finally, healthcare office staff will experience reduced burdens when managing administrative tasks with the use of quality RCM software and good revenue cycle management. This is possible because these systems streamline repetitive administration activities, so employees can operate more efficiently, thus increasing revenue.
The right platform also ensures all admin tasks are performed accurately to minimize denials. With a higher probability of claims being processed in a short period, staff members do not need to spend a significant amount of time analyzing and appealing denials, which is a testament to a proper revenue cycle.
Most good RCM systems can cut the workload and time of 4-5 team members by about a third which significantly reduces the price of labor on your agency. By automating certain parts of the workflow, a good revenue cycle management software platform can save administrative departments hours and hours of work each week. There's also less of a probability of staff needing to get involved in an area that isn't their day-to-day core competency. They can stay focused on what's important for them, increasing efficiency and revenue.
