Tips to Improve Your Healthcare Revenue Cycle Management
In the healthcare industry, the “revenue cycle” refers to the process by which providers get paid for the work they do. Managing this process includes keeping track of claims at every stage, making sure payments are collected, and addressing denied claims. Revenue cycle management (RCM) helps to make this process more efficient by decreasing the length of the billing cycle and reducing delays. Putting the right partners in place is critical to running an efficient home health or hospice agency.
The revenue cycle begins when a patient is referred to your agency and ends when said patient’s account balance is zero. By collecting and recording patient information (name, number, insurance provider) upon initial interaction, you set wheels in motion, promising payment somewhere down the line. Revenue cycle management is the process that manages claims processing, as well as payment and revenue information.
How Can a Revenue Cycle Management Partner Help?
- Visibility: Keeping track of your billing is crucial to an agency’s success, as failing to make sure payments are made and denied claims are addressed can cause all kinds of problems, especially for small agencies. Managing claim denials can rack up costs, and many of them are filed because of simple miscommunication.
- Efficiency: Revenue cycle management can also ensure that charges are posted in a timely manner, effectively reducing the amount of missing charges by automating the cross-check process, cutting down on time spent hunting for charge slips or comparing them against reports.
- Accuracy: Working with revenue cycle management experts ensures that your billing is accurate and you are paid the maximum amount allowable for the services you provide.
Partner with HEALTHCAREfirst
HEALTHCAREfirst offers superior revenue cycle management services, combining powerful technology with expert consultation to help home health and hospice agencies successfully manage commercial billing, coding overflow, billing recovery, and document review. Through the submission of clean accurate claims, HEALTHCAREfirst reduces costs and accelerates reimbursement, giving your agency more time to spend caring for patients. Contact us today to get started.