Outsourcing your practice’s Revenue Cycle Management can maintain sustainability while simultaneously gaining more time to focus on your patients. This is done by a team of dedicated billing experts who proactively predict denials, and provide assurance that your billing and collections will have the consistency needed for managing the expenses and operations of your practice.
The practices work with multiple insurance companies and hundreds of patients. Thus, trying to do the claims on its own, increases administrative work and cost. It also gives rise to unfinished claims and you miss out on the potential savings and income. About 20-30 percent of practices lose their income due to incorrect billing. To avoid these mishaps, it is best to give this responsibility to a reputed RCM vendor. An RCM vendor should be flexible and have the ability to scale to your practice and grow with you as your business matures. Take advantage of RCM and improve your practice’s efficiency as most aspects of RCM are automated. This helps the providers a great deal to manage operations and workflow.
Administrative transactions range from claim submissions to eligibility verification to claim status inquiries. Approximately, 95% of the providers send the claims electronically. Health plans are responsible, in part for the increasing adaption rate because they occasionally offer incentives to high-volume providers or enforce electronic submission requirements. This automated processing also helps decrease coding mistakes.
In this manner, your RCM vendor should recognize and understand the processes that make each of your payors unique and have the infrastructure to manage the workflow for each one.
Automate transactions – the claims process gives physicians the opportunity to save time and reallocates it to other areas of the practice. The common transactions which can be handled quickly and efficiently through an RCM vendor are:
- Claim submission
- Claim status inquiry
- Claim payment
- Claim remittance advice
- Claim attachments
- Prior authorization
- Eligibility and benefit verification
A perfect RCM program maintains and enhances customer relationships by improving patient financial services. This is done by giving the patient an understandable statement that addresses the cost of services delivered. This ensures that your customers understand the treatments they have received, and the associated costs incurred. This way a long-term relationship with your patients is ensured.
After the receipt of the statement, the provider should address the ways patients can pay, ensuring it is hassle-free. Patients can pay by credit card, cash, or check when in the doctor’s practice and at home, they can pay online through ‘patient portal’ securely.
Outsource the Process
The world of the providers is more complex than it was earlier. Payor contracts are more complicated, payments are frequently lower and time constraints continue to grow. There is less time and fewer resources. Automation of activities can enable the business to improve performance. iPatientCare’s RCM responded to these issues by becoming a full suite of products for optimal results, as a fully-integrated program designed to help ensure the best outcomes for your practice and patients.
Using RCM tools helps you to spend more time with patients, increasing your practice’s productivity and income. It also helps to manage the other challenges better so that your practice can flourish successfully.