To thrive within a complex universal healthcare system, providers need a user friendly, end-to-end Revenue Cycle Management product and services, including billing support.
What is the Revenue Cycle?
A series of healthcare related events that initiate and complete the payment process. This revenue cycle, from end-to-end, begins with a scheduled medical appointment and culminates in compensation for the services performed.
What happens if the cycle stops?
If the revenue cycle encounters a problem during the process of requesting payment from the payer and/or patient, then it will stagnate, and the healthcare provider may lose that expected income. Overseeing each step in the cycle, to mitigate revenue loss, requires a management solution based on the technological requirements of the medical industry.
HealthLeverages Revenue Cycle Management Technology to Drive Productivity
Utilize effective Revenue Cycle Management (RCM) Technology. Health Recon’s RCM technology works effectively because it enables transparency from start to finish, fostering productivity. In other words, this RCM/Medical Billing system supports management of patient information, coding, claim oversight, and analytics of payment details. Medical billing staff would have access to the status of billing revenue from the patient’s visit to the payer’s response and to technology that facilitates resolution of any revenue cycle issues that may occur. Overall, HealthRecon offers an RCM system that drives the payment cycle with the least amount of down time as possible.
With HealthRecon’s Revenue Cycle Management System in mind, here’s a preview of the five reasons why healthcare providers should use RCM technology, especially one supported by a Healthcare company committed to excellence.
- Everything is Paperless.
- Efficiency fosters Productivity.
- Full Service Resources.
- Real-Time Transparency.
- Faster Turnaround Time.
Read on to see a more in-depth but straightforward guide to establishing effective medical billing technology and administrative services.
5 Reasons Why Healthcare Providers Should Utilize Rcm Technology
- Everything is Paperless. Universally, business-to-business electronic data interchange (EDI) has replaced paper claim submissions. This means that healthcare providers should conduct claim filing electronically and not by mail. Those who regulate the healthcare industry mandated the move away from paper claims to electronic submissions and that directive requires that providers adopt the most appropriate and advanced kind of RCM technology to meet EDI standards. Considering that the medical industry as a whole, including most, if not all payers, comply with the EDI method, providers who still subscribe to paper claim filing waste valuable time and money.
- Efficiency Fosters Productivity. In addition to a paperless claim filing system, healthcare providers need the most up-to-date technology to establish efficiency. As the medical industry advances and medical billing requirements change from year to year, healthcare businesses need an agile system that can keep up with those demands. Without the proper resources, providers will indirectly inhibit their revenue cycle, and thus, client retention, claim collection and revenue growth.
- Full Service Resources. To increase cashflow, HealthRecon offers an RCM system supported by a variety of services: consulting and benchmark assessment, credentialing and contracting, medical coding, accounts receivable recovery and analytics, among other features. These services are available to physicians, hospitals, surgery centers, imaging centers, and medical laboratories. Health Recon meets the need for focused revenue cycle management, providing a customizable full service system where healthcare providers can conduct business in one place at any time.
- Real-Time Transparency. The benefit of a paperless, efficient, full service system stands as the ability to see the results of electronic data interchange (EDI) within a reasonable timeframe. A response to the exchange of data could happen in real-time or within the payer’s expected turnaround time, depending on the type and purpose of the exchange. This means medical billing professionals can track the communication between care providers and payers quickly enough to assess how soon they can deliver services, expect payment and/or fix interruptions in the process.
- Faster Turnaround Time. Overall,the projectedresult of an effective end-to-end revenue cycle management system and billing support is more money, more consistently. Instead of losing vital revenue to timely filing issues and/or the lack of technological resources to enable productivity, healthcare providers could depend on an increase in revenue. RCM technology, like HealthRecon’s system and billing support, could ensure faster payments and encourage financial stability for healthcare professionals and businesses.
Effective revenue cycle management and medical billing drive healthcare business growth. Therefore, healthcare professionals need a streamlined process to ensure compensation for the services they provide. Without useful technology and an organized way of delivering medical services, provider cannot expect to get paid what they are worth. Medical Billing staff would then waste valuable time and effort tracking down payments when they could track the status of healthcare revenue in real time. Contact with HealthRecon to begin the process of managing the revenue cycle with expert billing support.
Deriise Dowell is an Atlanta based healthcare IT copywriter and advocate of efficient billing services, having served, empathetically, as an Enrollment Specialist and Technical Analyst for 11 years.
