There are many factors which are taken into consideration when running a medical practice successfully- Revenue Cycle Management being one of them.
When it comes to healthcare, RCM or revenue cycle management ensures that healthcare services are proper and prompt; both for the provider and the patient as well.
What is revenue cycle management?
Exactly as it is named, RCM is a strategy which healthcare providers use in order to manage the clinical and administrative functions of their revenue cycle.
It begins once the patient comes to the healthcare provider for an appointment to schedule, and ends when the payments for the same and the treatment are collected.
RCMs main aim is to identify any friction points in the provider’s revenue cycle and get them resolved. With this in place, as a provider, one can max the claim reimbursements and have more revenue coming in.
How is RCM important for Healthcare IT?
RCM as we know in this day and age is very critical for the long-term success of any healthcare organization. RCM helps with the following-
- With preparing claims- Before a claim is submitted, the information of the patient is taken (before the first appointment) and if it is anesthesia, it is taken on the day of surgery. In addition to that, the eligibility of the patient and the insurance coverage too will be taken into account.
- Submitting claims- In this step a claim would be created. There would be an entry for charges made and coded as well. The claim would then be submitted to the insurance company the patient deals with.
- Managing of claims- In this step, the claim would be managed while and following up with the response one gets from the insurance company.
- Receivables and collections- Here the payment collection from the patient would be done (if necessary). This involves statements issued and bills sent to the collections team, if and when need be.
- Evaluations and analysis- Lastly, it is the billing team which collects and analyses data using information from the RCM software.
RCM Healthcare Services Is Important
The main aim here is to increase revenue for the healthcare service provider, and to also benefit the patient at large. With the help of RCM, the providers revenue is increased no doubt, and the time spent doing other work, such as administrative functions and clinical functions as well, comes down. What happens then is that one gets to save a lot of time and money, which is devoted to a single patient and treating them overall.
This is why, many healthcare providers have made the smart decision to work with Healimpilo. They trust Healimpilo for their software to work for their healthcare IT business needs. With the software in place, one gets a very streamlined revenue cycle management in place. The company is experienced and very thorough with their work. They are also very dedicated and helpful towards healthcare facilities, and provide one of the best patient care as well.
Be smart, choose Healimpilo!
