In the medical field, RCM, or revenue cycle management, is crucial to the success of your organization. RCM refers to how your business takes in money from patients and insurance companies and other steps in the billing process. Because the consequences of improper revenue cycle management in the medical field are severe, it is vital to improve each step of your operation, from intake and prior authorization to billing and accounts receivable.
PracticeForces is a trusted provider of medical billing and collection services and can help to ensure your process is fully optimized. If you’d like to focus on the job of being a healthcare provider and leave the rest to the professionals, you can contact PracticeForces at (727) 499-0351 or their website to discuss your situation and needs. However, if you’d like to learn more about the topic before choosing a service, keep reading, and this article will tell you everything you need to know.
Lost Revenue
Ultimately, any flaws in your revenue cycle management plan will result in you and your business losing money. Sadly, revenue management errors account for the loss of up to 20% of revenue within the healthcare field. This represents a significant portion of earnings and can be the difference between a business succeeding or failing.
Much of this waste stems from denied insurance claims. With high deductibles already weighing on patients, a denied insurance claim dramatically increases the chances the patient won’t be able to pay, creating a bad debt. Your healthcare organization can minimize this wasted money by offering alternatives like payment plans to patients who need them, as well as by being upfront with your patients about how much their care will cost.
Wasted Time
Poor process always leads to lowered efficiency, and revenue cycle management is no exception. For example, improperly filling out or filing claims will result in reapplication fees and drawn-out timelines, while inefficient communication with patients can also slow the process down.
To avoid slow-downs, consistency is critical. Create a repeatable process and strive to follow it accurately each time while also identifying further improvements that you can make to the plan. Make sure to double-check every document before sending it out, which will reduce the risk of having to re-file later.
Overwork
Another of the consequences of improper revenue cycle management is that it can lead to overburdening of everyone involved in your organization. When you’re losing unnecessary money and time to poor revenue management, it’s easy for everyone to get overwhelmed. Money being tighter also makes it more challenging to hire outside help, compounding the issue.
A great way to minimize stress and avoid overwork is to work with a healthcare billing services company like PracticeForces to help manage your revenue cycle. A billing services provider can provide expert guidance on how to alter your process and take the stress of revenue cycle management off your shoulders.
Help is Available
PracticeForces has years of experience optimizing processes and freeing clients from the consequences of improper revenue cycle management. Their expert staff can do everything from rebalancing your billing solutions to providing tips for improving patient scheduling. Contact PracticeForces today (727) 499-0351 to learn more about how you could save money and time with their service.
