Avoid 4 common problems within your RCM and increase your bottom line
August 1, 2018
4 Key Ways to Improve Healthcare Revenue Cycle Management
September 1, 2018
When you think of the healthcare sector, your mind automatically wanders to patient care.
However, this is not the only thing the healthcare sector has to do. Instead, it operates like any other business. There is a business side to it as well where revenues are managed and claims are made.
Rather than doing it all yourself, most healthcare institutions decide to outsource some of the business functions. One function that is commonly outsourced in revenue cycle management.
This process is integral for smooth operations. It ensures that the health care team does not get caught up in compliance and billings.
Instead, a third party does it for them to ensure that they focus on what matters, i.e. quality care.
Elements of RCM
The processes that come under Revenue Cycle Management include the following:
- Registration of patients. The company facilitates data entry of the patient data as well as insurance details etc.
- Generating and submitting claims. The company both generates the required claims and submits them to insurance companies.
- Handling denials. In case of denied claims, the company works to resubmit or correct the claim.
- Account receivable management. This allows you to know how much you are to be paid by different clients.
How to Choose
Selecting a company for Revenue Cycle Management is not an easy task. After all, one wrong decision and you might get stuck with a company that increases your workload and hassle rather than decreasing it. Therefore, it is important to select the Revenue Cycle Management Company with caution. Here is how you should go about it.
1. Compare the service plans
When you do a comparative analysis of the various RCM companies, you would realize that most of them have the same price ranges. However, the service plans may differ. This is what you need to focus on. You must ensure that the price you pay is justified by the services delivered. For instance, some RCM companies merely offer software support while others manage all the RCM processes for you. When choosing the best RCM Company, compare them to one another on the basis of services rather than price. This will allow you to know which company is offering the best package.
2. Guarantee of performance
Any mistake in the various RCM processes can cost you money. Therefore, it is important to ensure that you don’t invest in a company that is prone to making mistakes. Some RCM companies back up their promises of quality performance via a guarantee. These guarantees allow you to reclaim some percentage of the revenue lost. This makes the investment comparatively less risky. Try to opt for those companies that offer such guarantees. But, remember that such companies and services are hard to come by.
3. Quality customer service
You are the customer of these RCM companies. Therefore, their level of customer support and customer service is relevant to you. Do your research about the customer support of different companies. The last thing you would want is to not get your queries and complaints heard in time.
Conclusion
Choose carefully and relieve the administrative burden.
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