The Essence Of Employing Revenue Cycle Companies
Revenue cycle management is what you call to the process of managing claims processing, revenue generation and payment and there are lots of revenue cycle companies offering this service. In their service, this includes everything from collecting co-pay, determining the eligibility of patients, coding the claims, collecting payments, tracking claims and even doing follow ups on denied claims. Revenue cycle procedure should be efficiently managed as it is an integral part of any office functions.
Because the focus is gradually shifting towards changes in reimbursement methodologies, increasing transparency and containing healthcare costs, financial pressures do increase as well on healthcare organizations in the upcoming days. As what stated in various surveys and research, it stated that revenue cycle companies have almost rejected 26 percent of all the claims submitted. The 40 percent of rejected claims aren’t submitted to CMS. Because of that, there are various healthcare organizations that lost revenues. It doesn’t matter how popular and good an organization is, because in the end, it will certainly affect the way an organization is operating on a day to day basis.
On the other hand, by working with experienced revenue cycle companies, you can rest assure that they place appropriate RCM procedures which allows an organization to improve their bottom line while reducing their write-offs. A few of the common issues faced by organizations in their RCM are poor communication between workers, untrained staff and incorrect workflow which can be corrected in-house easily.
For other organizations however, the responsibilities and duties of revenue cycle management could be overwhelming. Well good news is that, there are countless of revenue cycle companies that can handle the responsibility and duty of managing the revenue cycle of your organization.
It is essential to have thorough understanding of revenue cycle market and broad knowledge as well to be able to find the right revenue cycle management firm. Whether you believe it or not, the revenue cycle market was valued at around 18.3 billion dollars on 2014 but by the end of 2019, experts expect it to balloon by 32.2 billion. This means that there will be more as well as better companies and products to meet your needs for revenue cycle management.
Following are key indicators to be known and understood in taking advantage from this growth and this includes building strategy to be focused on consumers, pharmacies become margin generators and key revenue, work towards eliminating the cost of collecting bills of patients, building a strategic partnership with RCM providers in order to reduce cost of operation and also, to cope up with tricky reimbursement rates and many more. By learning about this, rest assure to find good revenue cycle companies to be hired.