Ensure The Process Of Revenue Cycle Management In Healthcare

Revenue Cycle Management is basically the process of ensuring that one is getting duly paid for the services healthcare provider renders.

Cerritos (I-Newswire) February 8, 2014 - Revenue Cycle Management work is done by hiring special employees who will note down the phone number, name of the patient and his insurance company, when he calls for an appointment with the doctor. This cycle ends when the balance in their accounts is zero. Therefore RCM is basically the process of managing payments, claims processing and revenue management. The utility of the perfect technology is very crucial for this purpose, and it ensures the keeping track of the processes and claims at every point in his life.

What does Revenue Cycle Management comprise of?

• Revenue Cycle Management requires keeping track of the claims in the system.

• It is also important to collect the payments in due time and the claims getting addressed. Thus, 90% of mixed revenue opportunity can be facilitated.

• This process includes everything from determining insurance eligibility of patients, to coding claims and collecting pays.

• Efficiency and time management are important parts of Revenue Cycle Management.

How to choose the perfect RCM?

The perfect Revenue Cycle Management should be chosen on the basis of experience that a particular company holds. A perfect RCM should help a company to cut costs and increase its efficiency in the perfect manner. The company should be capable enough to offer a flexible billing system and also a robust revenue system cycle solution.

How can a medical care unit ensure proper Revenue Cycle Management?

A hospital can conduct Revenue Cycle Management by verifying a patient's insurance coverage before they take the appointment. It is very important to do so, in order to ensure that a patient will be able to timely pay the bills without any possible problems there. If the insurance is not verified, then the organization develops inefficiency, which delays the entire schedule of functioning.

Thus, every physician should maintain the practice of pre-visit eligibility verification. If the physician feels that Revenue Cycle Management has not been done properly and the patient has also not appeared on the scheduled day, then he should call up the patient for corrected information, or even reschedule the patient and call him any other day to ensure efficiency of work. This entire process becomes very difficult for a multi-branch hospital and then it calls for a specialized organization that can conduct efficient Revenue Cycle Management for them. Several companies today are ready to provide rules-based, flexible and exception-based workflow engine, which can help an organization to gain greater control over financial and operational processes. Thus, through Revenue Cycle Management, savings both of time and money can be ensured.

By streamlining of billing processes, one can surely maximize their collections. If such work is levied on certain specialized companies, then billing errors can be reduced. Thus, cash and revenue both can be optimized and it will move a notch higher. For ensuring correct reimbursements, management of complex payer contracts is also ensured by these companies.

About Revenue Cycle Management

Medical Billing Outsourcing is one of the leading Medical Billing outsourcing companies. Our Medical   More.. Coding & Billing Services improves your collections and cash flow.Less..

Contact Information

Revenue Cycle Management
Bristol Health Care Services 18946 Vickie Ave # 227 Cerritos, CA 90703
Phone : (800)-253-7320

Published On:

February 8, 2014

Print Release:

Print Release

If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.

Related Releases

Verified Credentials, Inc. Achieves Oracle Validated Integration with Oracle's PeopleSoft Human Capital Management 9.2
PeopleSoft Customers Can Save Time Onboarding New Hires with Background Checks from Verified Credentials

Signature Realty & Management, Inc. Announces a New Dedicated Phone Line for the Accounting Department
In an effort to foster faster and easier communication with critical stakeholders, Signature Realty & Management, Inc. has created a dedicated phone line for the Corporate Accounting Department in the Mandarin Headquarters Office.

Oliver Wight Sponsor Singapore S&OP Innovation Summit
Oliver Wight Partner, Don Harding will present on Integrated Business Planning, the next evolution of S&OP, at the Singapore S&OP Innovation Summit on 26-27 June 2014.

MBK Media Group Announces Availability of Luxury Business Cards
MBK Media Group is announcing immediate availability of Luxury Business Cards, enabling business owners that currently carry the standard business card to immediately upgrade their business card to a conversati

IOR Receives Circle of Excellence Award
IOR Global Services is pleased to announce its acceptance of the 2013 AIReS Circle of Excellence Award.