What is Revenue Cycle Management?
There are numerous financial transactions involved in the whole medical episode of a patient. Right from the patient walking into the healthcare facility to register until the final payment of balances, there are numerous financial happenings involved in it.
Revenue Cycle Management is nothing but a billing process that employs the utilization of medical billing software. It binds the healthcare and administrative data of the patients and unifies both the clinical and business aspects of the healthcare industry.
What can you get by employing RCM?
Having an RCM software handling the billing process in your healthcare business can help in scaling it to a greater extent. Some of its advantages are:
- Enhance the quality of production
- Accurate and efficient billing system
- Reduces the extra workload on physician and other healthcare staffs
- Increased Reimbursement
- On-time payment of bills
What is the procedure we follow to implement Revenue Cycle Management?
Here at Bristol Healthcare services, a renowned Medical Billing Services company, we follow a 5 step procedure to ensure that your whole billing process gets streamlined. The five steps are:
- Appointment Scheduling: The appointment of your patient gets scheduled with you.
- Record Keeping: We record the information of the patients, such as their name, contact, and insurance. This data are kept safe in our database.
- Verification: Our team verifies the background of the patient before the commencement of their admission.
- Payment Posting: The claim documents will get submitted to the insurance company’s EDI system.
- Account Receivables Follow-up: The accounts receivable team follows-up with the insurance company until they pay the posted claim.
What are the services that come bundled with our RCM?
We manage to have a slight lead over our contemporaries by empowering you with the benefits mentioned below:
- Our Work adheres to LMRP standards and CCI edits
- We implement the bests uses of codes such as ICD, CPT, and HCPCS in our processes.
- Faster and efficient turnaround time.
- We have a team of expert medical coders at our disposal.
- You can get a higher level of accuracy in medical coding.
To get in touch with our team, please click here