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akashseo15

Health & Medicine

Revenue Cycle management in Medical Billing

RCM Cycle
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5572

Medical billing is an integral part of the RCM cycle. Patients are critical to healthcare providers and providing them with a seamless experience is important. How patients are handled across the entire flow of treatment is itself a cumbersome task for the medical practice.

In addition to that, administrative tasks incur time and resources. Any sort of inconvenience in managing these transactions is a loss of opportunity and trust.

When outsourcing RCM services, any healthcare provider should ask a few questions

  • How are Claims Denial Rates?

This can be an important metric to determine the precision of your revenue cycle management. Monitoring time lapse in the claims process can help you avoid these mistakes in the future.

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  • Is the time to process too high?

Minimizing the time to process can reduce the lead time of the revenue cycle management can improve the cash flow. It will improve the overall cash and helps in revenue generation.

  • Accounts receivable are high?

Minimizing the receivable is one of the key metrics in measuring revenue cycle process. If the billing cycle is optimized but receivables are high; it is a red flag.

Is your Revenue Cycle Management Centered on Patient Experience

Patients are the central value for any revenue cycle management companies. Whether your revenue cycle process creates a positive patient experience is an important question you need to answer. RCM companies focus on creating a hassle free and pleasant experience for the patients. Reducing cycle time and redundant procedures will help you add value to your patient care. With advent of telehealth practices, revenue cycle management services will boom and this will transform the way industry is functioning. There are various issues like pricing structure and slow claims processing that hampers your success as a value creating healthcare provider. The right expertise, guidance, systems and organization from RCM companies can let you overcome all these issues.

While choosing a revenue cycle management companies, establish clear and measurable KPIs. The roles and responsibilities must be clearly defined. The service needs to be customized as per your existing system and managed accordingly. It should be able to identify key areas which requires action and how that will change on your system.

You also need transparency in the way communication happened and reports are generated. Analytics built around your revenue cycle process is crucial to understand the process and how it can be improved. Leadership should be able to establish authority in the way data is collected, analyzed and reported.

Aligning your RCM cycle with your vision is the benchmark that will go a long way in building sustainable solutions for your patients. It is about finding the right balance between creating value and managing busines continuity. Ensure that your RCM provider is an industry expert and has delivered technologically advanced solutions with credibility.

About Author

Akash Singh is working as a digital marketer at Knack Global. Knack Global is a well known revenue cycle management company. You can contact them for services related to DME Billing, Physician Billing, Dental Billing and Payment Posting Services.

Inspiring StoryStory

Anna Hazare missing: Let us know if you can find him

Anna Hazare
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6246

He hopes you still remember this name!

Anna Hazare is the same man who had a liking for hunger strikes and peaceful protests against the follies of the then ruling party, Indian National Congress. But we wonder which bunker has he confined himself to ever since the incumbent political establishment came to the helm of the nation.

So now seeing how active he has to protest about anything and everything when Dr. Manmohan Singh was the honorable Prime Minister and how dormant and unheard of he has become since Modi ji took over we would want to believe that maybe he was only about defaming the Indian National Congress.

If Anna Hazare was any honest so staunch about his principles and virtues then where is he now?

We have an atmosphere of rigorous vigilantism in the country, Kashmir is burning and taking the blunt of stones sponsored from across the border, a very unfortunate incident was witnessed by Gorakhpur and no one came to accept the onus.

Why not raise his voice now?

Why not take to Jantar Mantar now Mr. Anna Hazare?

Was your voice only allowed you to question the Indian National Congress and not the BJP?

How public opinions turned against the Indian National Congress before the 2014 polls was steered to a large extent by Anna Hazare and we believed in him.

We assumed that he is fighting for the right causes altruistically but where is that selflessness now?

We aren’t politicising anything here!

Our only question is if at that time he was so critical of the atmosphere rendered by the Indian National Congress than even at present India has equivalent concerns so how can he pick and choose between governments if he was as honest as he often exhibited himself?

There is a lynching fiasco to protest against, there is communal violence, there is vigilantism, there is the Kashmir issue and how the government failed to pacify Kashmir and then there are farmer suicides, there was demonetization and much more but Anna Hazare chose to be a mute spectator this time.

Doesn’t this trigger a lot of questions about his honesty and patriotism which he often chest thumped about?

With us and we will feature them soon. Also, if you have any clue of Anna Hazare do inform us for he has perhaps gone missing!

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