Today’s rapidly evolving healthcare environment with reputable revenue cycle management vendors can single handedly determine the financial wellbeing of your practice. Efficient revenue streams and effective medical billing services are paramount to cash flow, whether you manage a specialty clinic or a multi-physician group.
Outsourcing to a medical billing company is not as simple as making a phone call. With the right company, you enter a partnership that can significantly increase your revenues and streamline the administrative operations, all while fundamentally understanding the breadth of the healthcare revenue cycle.
What Do Revenue Cycle Management Vendors Offer?
Revenue cycle management (RCM) is a medical practice’s revenue tracking process which includes managing the workflow from the first contact a patient has, such as booking an appointment, to the final receipt of the payment. Most leading RCM vendors cover the entire workflow, which consists of:
- Verification of patient eligibility
- Medical coding and charge capturing
- Claims submission and follow up
- Management of insurance denial
- Management of accounts receivable (A/R)
- Patient billing and collections
- Financial reporting and analytics
The improvement of each of these processes helps vendors eliminate claim denials, reduce the time it takes to receive payment, and increase the total revenue.
What Sets the Top Vendors Apart?
These characteristics mark the distinguished excellence of a medical billing service provider:
- All-Inclusive Billing Services
Excellent providers do not only stop at claim submissions. They provide comprehensive revenue cycle management services which includes insurance benefit verification, collections, and reporting.
- Certified Medical Coding Specialists
An organization’s claim settlement ratio is inextricably linked to proper ICD-10 and CPT coding. Detailed and compliant documentation is guaranteed with vendors who employ specialized certified coders from diverse medical specialties.
- Medical Billing Systems
Automation is an essential constituent of modern RCM. Vendors should be using cloud based billing with automated claim scrubbing and real-time reporting dashboards because those greatly improve workflow and efficiency.
- Emphasis on Denial Prevention
One of the distinguishing features of leading medical billing outsourcing companies is active denial prevention. This consists of no errors in claim submission, timely follow-up, and appropriate appeal documentation.
- Practices Compliant with HIPAA Regulations
Securing patient data remains a critical concern. Leading RCM vendors will ensure tight HIPAA compliance which allows your practice to remain legally protected while keeping your data secure.
How to Choose the Right Vendor for Your Practice
When evaluating potential medical billing companies, consider the following questions:
- Do they offer specialty-specific billing services?
- Are their coders certified and experienced?
- What is their claim acceptance rate?
- Can they provide customized RCM solutions?
- Do they offer real-time performance reports?
Final Thoughts
Working with a preeminent revenue cycle management vendor pairs as a fulcrum upon which several value-altering business processes pivot. This includes your workflow, compliance, and patient relationship interactions. Synchronous to aligning with the top billing services, practice incur costs compatible with reduced operational costs or enhanced practice efficiency. Resultantly, practice expansion follows suit.
Rest assured, we’ve got the ideal integrated RCM strategy for your billing complexities and growing revenue streams. Get in touch today for a customized practice specific RCM solution.