Healthcare revenue cycle management can be a confusing and overwhelming topic. As such, we know you might have a number of questions about RCM, and we’re here to help answer them.
Healthcare Revenue Cycle Management FAQ
If this post doesn’t answer your questions, please don’t hesitate to reach out to the team at RevStream Services. We would love to speak more with you and help you get the answers you’re looking for.
What is RCM?
Revenue cycle management, or RCM, is “the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.”
What are the 10 steps in healthcare revenue cycle management?
These steps can vary and look a bit different according to the type of practice they relate to and other factors. However, these are the 10 general steps in healthcare revenue cycle management:
- Preregistering patients.
- Establishing financial responsibility.
- Checking in patients.
- Checking out patients.
- Reviewing coding compliance.
- Checking billing compliance.
- Preparing and transmitting claims.
- Monitoring payer adjudication.
- Preparing patient statements.
- Following up to ensure bills are paid.
Should I outsource my RCM?
Many practitioners wonder if outsourcing their healthcare RCM is the right choice.
There are a few key signs that can indicate if this would be a good move, including:
- If you’re struggling to remain financially viable: Outsourcing can help you maximize cash flow, improve claim acceptance rates, reduce the cost to collect, and more.
- You are in constant training mode due to continuous staffing turnover
- You or your staff find medical billing and collections overwhelming: This is a common complaint at almost every medical practice. Once you outsource RCM services, you can automate the complicated systems that weigh your practice down and contribute to administrative strain.
- Focusing all of your attention on patient care is challenging: Does it seem like you’re constantly chasing down patient payments? Consider this another sign it’s time to outsource healthcare revenue cycle management. Then, you can shift your focus entirely to patient care rather than the distractions that come with inefficient RCM.
What are the benefits of effective healthcare revenue cycle management?
The benefits of RCM are extensive and worth exploring if you haven’t considered outsourcing these services yet.
They include:
- Identifying and utilizing additional revenue streams
- Streamlining RCM processes
- Increasing bottom-line benefits
- Increasing your net revenue
- Helping you focus on patient care knowing your paperwork is taken care of
- Simplifying billing and collections
- Credentialing
- Minimizing denied claims
- Improving regulatory compliance
- Shortening the time between patient file creation and final payment
Who can help?
Finally, let’s talk about where to turn if you’re ready to outsource your healthcare revenue cycle management. It’s important to choose a company with experience and a commitment to helping you improve your practice. And that’s exactly what you will get with RevStream Services!
RevStream was established in 2016 with a bold vision in mind: to offer the most comprehensive and effective revenue cycle management for the healthcare industry.
Since then, we have helped our clients across the country streamline their billing and collections process and increase their revenue.
Now, it’s your turn. Click here to contact us to learn more about how we can work together toward your success.