RCM's Impact on Healthcare & How Providers Can Streamline Revenue Cycle Management
Revenue cycle management plays a significant role in determining an organization's overall health. In Healthcare, delivering the highest quality care services and optimizing revenue cycle management benefits the organization's health. Providers should understand and be aware of how the RCM system works & tackles the financial challenges.
A successful RCM process helps ensure steady collections, on-time revenue & financial viability. The use of RCM varies for different sectors such as Urgent Care, Ambulance Services, Labs, Imaging Centers, Telehealth, and many more.
Impact of RCM on the healthcare system:
By implementing a strategic approach for your healthcare RCM you can address the elements that may be impacting your bottom line such as poor management systems and billing practices that in the end could be contributing a financial loss. Streamlining the operation of healthcare revenue cycle management helps an organization to be viable & focused on providing a superior experience for their customers. This is how RCM makes a positive impact for the Provider.
Reduce errors & redundancy
The RCM system can provide healthcare providers with real-time error detection and make corrections quickly.
Minimizing the time
Adopting an advanced RCM system by the RCM management company can streamline the time for registration, booking a consultation or appointment.
Cost deduction
The RCM can reduce rejections and denials and the time associated with re-work.
Improving the patient experience
By streamlining the Point of Care Registration and Patient Financial obligations the organization can improve the patient experience.
Reducing the burden
When the healthcare provider’s staff has too many manual processes it can overwhelm the administrative team, this includes tasks such as preparing bills, submitting claims and collecting payments. Ultimately the RCM system improves and expedites the process.
Lower denial rate
The RCM process reduces the error rate, so the rate of claims payment increases, ultimately lowering the denial rate. In this way, it expedites the payments to the organization.
The effective RCM system is used to streamline the payments system and revenue cycle. The RCM system improves the organization's ability and ensures optimal satisfaction. By implementing this system, organizations can ultimately decrease their error rate & minimize the burden on the staff.
The steps of streamlining the RCM by providers:
The revenue cycle begins at the moment when the appointment is scheduled. To maximize the RCM system, there are tools and services used for streamlining the RCM procedure. Here we share some best practices for streamlining the RCM process.
Invest in the right technology
To identify the right technology it is important to understand the existing manual processes and bottlenecks that may be impacting financial outcome and patient frustration.
Eligibility verification
The RCM system that can accurately verify the patient's identity and insurance eligibility is immensely important to eliminate denials. Doing this correctly can provide better financial outcomes and improve patient financial transparency.
Outsourcing the RCM service
Building a partnership with an outside RCM service is an option a provider can consider. They can evaluate the areas in each step leading to the denials with collaborative efforts.
Automated charge capture
This step depends on how the information is documented and the providers submit the claims. The integrated technology delivers the best opportunities for documenting and capturing information. The RCM system has the relevant tools & codes which can be applied to the services.
Denial and claim management
An RCM can help providers achieve a 99% first-pass acceptance rate and reduce the denials.
In conclusion, implementing a superior Revenue Cycle Management system will improve a provider's financial outcome and improve the patient experience.