Partnering with a qualified Revenue cycle management company makes a significant difference when it comes to the profitability, scalability, and overall patient experience of your practice. Orchard Medical Management has a staff of billing professionals as well as certified coders who are ready to take your business to the next level by leveraging advanced technology and over 25 years in revenue cycle management.
What is Revenue Cycle Management?
Revenue cycle management is so much more than billing and collections. RCM encompasses the entire patient experience as well as provider satisfaction when it comes to the financial health of your practice. From workflow optimization, pre-visit expectations and estimates to clean claims and effective collections from both patients and payers, a trusted RCM partner can ensure best practices are in place.
Most providers and practice managers simply don’t have the time or the resources to worry about these things. That’s why you should leave it in the hands of the experts. You can focus on taking care of your patients and staff while feeling confident that a team of experts has your best interests on the back end.
As deductibles and patient cost-sharing rise, the revenue cycle begins before your patients even step foot in the office. Setting expectations and educating patients in navigating their insurance can increase the likelihood of timely payment. These steps have to be handled correctly.
Accuracy and efficiency are an important part of that process.
What Can Go Wrong?
Efficiency is important, but accuracy is key for revenue cycle management. Human errors are the biggest risk to accuracy, patient satisfaction, and financial stability.
● Miscommunications
● Coding errors
● Duplicate data
● Missing information
● Incorrect information
All of these details can lead to a delay in revenue.
A partner in revenue cycle management turns their focus towards finding errors, improving efficiency, and capturing potential missed opportunities for revenue.
What Might Affect the Revenue Cycle?
While you’re waiting for claims to be processed and revenue to be received, the process is really out of the provider’s hands. While there are uncontrollable parts of the process, there are things that can be looked out for to prevent disruption.
Eligibility Recognition
Billing to insurance companies is crucial and this claims process should be closely managed. If you fail to manage a claim, you will quickly find that they can be rejected, denied, or even left in a pending status for far too long.
Payment Collection
When possible, you should collect payment from the patient for at least their co-pay or a portion of their payment responsibility. It is much easier to collect payment up-front at the time of service than to risk receiving no payment at all from the patient.
You can do this through pre-registration and other means or set a policy for requirement up-front payment or payment plans as well.
Smooth Processes
When it comes to administrative duties, it’s important for everyone involved in the process to work together. The front and back end people need to share information and both sides need to be sure that information is accurate, even if it’s just a quick double-check of insurance information.
Orchard Medical Management RCM
Is your office in need of assistance when it comes to managing billing, coding, and revenue? Your administrative personnel need to focus on customer service and you need to focus on taking care of your patients. Let us help you with the rest and take care of revenue cycle management for you.