Revenue cycle management is the process that manages claims processing, payment and revenue generation. It necessitates using technology to keep track of the claims process at every point of its cycle, so the provider that’s billing can follow the progression and tackle any issues, allowing for a steady stream of revenue.
What can Revenue Cycle Management do for your Practice?
The process includes keeping track of claims and making sure payments are collected. Additionally, revenue cycle management addresses denied claims, which can cause up to 90 percent of missed revenue opportunity.
Medical revenue cycle management involves everything from determining patient insurance eligibility and collecting co-pays, to properly coding claims using ICD-10.This type of administration could become taxing for physicians, becoming essential to have a structure in place that you can delegate this job to professionals and focus on your practice.
Medical Revenue Cycle Process
Physicians, unlike other professionals, have to deal with a complex process in order to collect their fees for the services delivered to patients. With the recent healthcare legislation requiring citizens to purchase insurance cover for their healthcare needs, physicians do not have any other choice but to gather their payments through making claims to insurance carriers. The existence of multiple payers, intricate regulations, and a tough reimbursement process, however, make this chore difficult. Physicians and practice managers have to use every trick in the book to get the money owed to them.
The best way to ensure that you enhance the effectiveness of your revenue cycle is using the correct and updated ICD codes. This can be easily accomplished by hiring professional coders who can deliver in a timely manner. If you hire staff that does not have comprehensive familiarity of medical terms, or do not follow ICD-10 standards, it could endanger your practice’s collections.
What can AMS do for your Revenue Cycle Management
AMS provides an immensely constructive regulation to healthcare providers that create significant impact on the hospital’s complete revenue flow. Using the knowledge in this better way can improve the quality of data recorded and results in better financial success. For more information about our revenue cycle management, contact us at our Durham, NC office.