Across the myriad of healthcare topics and trends that flow through your daily newsfeed, it’s unlikely that articles focused on revenue cycle management (RCM) trigger the most excitement. Let’s be honest, unless you’re an accountant who’s passionate about their job, the process of crunching numbers and strictly adhering to an ever-changing list of protocols isn’t the most appealing way to spend your time, particularly when compared to the life-changing impact of caregiving. Regardless, the value and importance of your RCM cannot be ignored.
In our latest white paper, “The 5 stages of revenue cycle management grief”, Quest Diagnostics provides a detailed look at the importance of RCM, and the various stages of grief that can result from improperly managed billing processes, as outlined below.
- Stage 1: Confusion and frustration
- Stage 2: Errors
- Stage 3: Claim rejections and denials
- Stage 4: Claim resubmissions and appeals
By understanding the various stages, you can better identify the root cause of existing issues. Within this white paper, you will also receive guidance on how to help overcome some of the most common RCM challenges.
If you are already strained for resources and overburdened by current financial procedures, outsourcing your billing management may be of interest. There are numerous RCM services available on the market today, and choosing a provider may seem overwhelming. To break through the clutter, this white paper also provides guidance on what to look for in an outsourcing partner.
While RCM may not be the most appealing part of healthcare, it can potentially offer numerous benefits to you and your patients. The ability to reduce denials and more clearly predict your revenue stream can allow you to invest in new technologies with greater confidence. Additionally, patients are likely to have a better understanding of their payer responsibilities, helping reduce instances of surprise billing and facilitating the timely receipt of patient payments.
Establishing an efficient revenue cycle does not come without effort, but there are many resources available to help you along the way. By recognizing the various stages of RCM grief and applying the appropriate prescriptive solutions, you can more quickly and easily identify potential problems and put your practice on a path toward financial wellness.
For information about Quanum RCM call us at 1.888.835.3409, or contact your customer support representative.