What Are the Benefits of Using a Revenue Cycle Management Service?

When there just don’t seem to be enough hours in a work day, tackling all tasks on the agenda can be a hard feat to accomplish. When dealing with patients face-to-face in a health care provider setting, the tasks that don’t involve in-person contact understandably get pushed to the back burner. Indeed, the patients should come first, but the accounting and billing is what keeps your practice afloat. If you find that your staff has a hard time staying on top of the insurance verification and billing flow, a healthcare revenue cycle management service is a solution to take care of all your billing and revenue management needs, leaving your staff free to make patients the number one priority.

What does a Revenue Cycle Management Service do?

An outsourced revenue cycle management service handles all the steps involved in revenue management – from patient registration, to verification, to claims and billing. After patient registration, the management service verifies the insurance information or checks patients’ eligibility for Medicaid or Medicare services. Claims are electronically submitted after the charge posting of the superbills. Medical accounts receivable is also managed by the revenue cycle management service, effectively reducing the amount of time the practice waits for payment. A good revenue management service will gladly create a customized management program that works best for your individual needs.

How Does It Benefit the Practice?

Employing an outsourced revenue cycle management service to handle your billing and accounts receivables is a cost-effective way to distribute office manpower. The knowledgeable and experienced healthcare revenue cycle management solution staff relieves that burden of having to keep up with the latest coding and billing standards and protocols. This, in turn, greatly reduces the probability of claims denials. Specially trained in HIPAA and state collections laws, revenue cycle management services work with insurance providers and patients to confidently ascertain the receipt of all money owed by patients and their insurance companies to your practice.