Revenue Cycle Management is the technique used by healthcare practices to track all the interactions of a patient with them.
The introduction of RCM solutions aids private practices in managing their revenue cycle, which has proven to be a challenge. As the trend shifts towards a more integrated healthcare approach, some hurdles that need to be surpassed include dealing with numerous billing and insurance systems, following up on payments, and keeping track of compliance rules. This is where RCM makes its entry into the healthcare sector and assists practices in enhancing their financial performance, improving their workflows and more importantly, aiding their patients.
Private practices often lack the leverage that larger healthcare systems have when negotiating reimbursement rates with insurance companies, resulting in lower payments for services provided.
Coding errors that result from constant changes in billing regulations and codes might not have a positive impact on the process of filing and transmission of health insurance claims which can eventually lead to audit delays. Coding errors lead to claim denials and audit delays.
Another major problem for private practices is the denial of submitted claims and the subsequent delay in payment, the inevitable increase in administrative work and the amount of lost revenue.
Having the latest and most accurate insurance and patient details helps with billing and payment reimbursements. Errors in verification can lead to significantly high rejection rates for patient claims and other reimbursements.
Cash flow is important in ensuring the practice meets operational needs and grows in all aspects but settling for balance payments can interfere with space for growth and long-term sustainability of the practice.
The set changes surrounding healthcare systems such as HIPAA and the Affordable care Act bring so much stress to small scale practices or practitioners that do not have set aside resources for compliance purposes.
Private practices often lack the leverage that larger healthcare systems have when negotiating reimbursement rates with insurance companies, resulting in lower payments for services provided.
With appropriate RCM solutions, private practices can streamline processes, reduce costs, and increase revenues all with a better patient experience. MedSole RCM provides Revenue Cycle Management systems with the sole purpose to provide a better opportunity for private practices to prosper within the healthcare industry. Providing exceptional medical billing and Credentialing services.
