Key components for medical revenue cycle management

The exact meaning of medical revenue cycle management is that you get paid in a timely manner and the account receivables balance remains zero when the cycle completes. However, this type of management seems to be difficult for physicians as it is not their primary occupation and due to recent health care reforms there has been rise in number of patients and work pressure. All this makes it imperative that you should have a system in place whereby you can delegate medical billing management to professionals and concentrate on your practice.

RCM deals with the complex practices that medical practitioners face to get their fees for routine and critical health care services. People with adequate RCM skills ensure regular cash flow and regulate reimbursements.

Effective medical receivables management can be made possible by contacting with professional companies. Large insurance carriers pay for the bulk entries and with rise in the figures of High Deductible Health Plan utilization, patient responsible balances are on rise.

An effective RCM begins when the patient calls for an appointment and ends when the patient pays the bills that are not usually covered under insurance or any other prior agreement with the service provider. There are five key components of RCM and each one of them plays an important role to increase the cash flow.

Whenever anyone calls for an appointment then the front desk verify the insurance coverage online. In some companies, insurance coverage falls under workers compensation services

For medical claims, the insurance claim with accurate coding for diagnosis and treatment procedures should be then submitted to take the claim in an electronic via established standards of submission. In case any error occurs in the submission process, flagged claims requires resubmission as soon they get corrected.

Medical revenue cycle management helps in payment processing after paying all the claims as the primary payer sent a remittance advice and allow the billers to make payments electronically and transfer any amount owed to a secondary insurance claim to execute timely payments.

Out of all the medical revenue cycle management services, accounts receivable follow-up is the key for an effective receivable management. The service provider must stay alert to deny any claims, make partial payments or even claims that were error free and remain unpaid even after a specified time period. By prioritizing the unpaid claims the members can revise and contact the patient to get balance payment or for update on the payment status.

After tracking all the medical bill collections and insurance payments and applied to claim balance, remaining amounts are billed to the patient by taking printout of the statement. The reply must be given within a given time frame, a pre-collection letter series must begin till the payment made, or the account becomes ready to initiate the transfer to a collection agency for legal collection.

If all the RCM steps executes properly then the average time taken to claim can be minimized. Effective RCM ensures adequate and timely cash flow and good patient relations who value repeat business and patient referrals.

Health revenue cycle management expert helps to manage your revenue even when you don’t have adequate resources. All the workers compensation service will be processed faster and efficiently. The latest software systems are easy to learn and use and offer decent customer support. If the medical practice contemplates a new software program that integrates most of the office management functions then find out an effective medical revenue cycle management to get maximum benefits.

The exact meaning of medical revenue cycle management is that you get paid in a timely manner and the account receivables balance remains zero when the cycle completes.