Physician practices are constantly trying to get a handle on their collections, as it drives the financial success of their business. Many have been considering whether to outsource their billing or to keep it in house. One of the arguments for outsourcing is that a successful revenue cycle management (RCM) service ultimately reduces the amount of time from patient service to receipt of payment.
Quest Diagnostics recently conducted a national survey asking respondents who are using an outside billing company what their goals are (multiple responses allowed):
And these respondents feel that the most compelling feature of a medical billing service is (multiple responses allowed):
A comprehensive RCM solution offers the ability to track patient visits from registration, to scheduling a patient visit, through final payment. These tasks are usually handled by a service for a percentage of collections or for a subscription fee. One advantage is that it integrates technology throughout the patient care experience and automates numerous functions so that physician staff may focus on other work. Some of these tasks can include denial management, or performing auditing functions for the practice. The RCM service handles collecting patient payments and claim reviews from insurance companies. When combined with electronic health record software, the process is further streamlined and more accurate as data can be shared.
The best RCM services provide on-demand reports and a practice dashboard to help staff know at a glance where the practice stands financially. If a practice can assess all the RCM processes, it will be able to identify practice strengths and weaknesses throughout the revenue stream, from the time the patient is seen until the claim is paid. Dashboards convert data into insight, identifying problems and allowing organizations to better manage accounts receivable.
If you’re interested in keeping your focus on patients instead of back-office duties, if your collections are down, or you just don’t have enough staff, RCM might be for you. To learn more about RCM for your practice call 1.888.491.7900, or read our white paper, How to improve practice financials: A practical guide to revenue cycle management.