Benefits of Using PatientMD Revenue Cycle Management For Your Practice
How PatientMD Revenue Cycle Management Can Benefit Your Practice
The top priority for healthcare providers is to provide high-quality care to their patients. This, however, necessitates more than just treating the patient; it also necessitates a well-thought-out strategy for managing administrative and clinical functions so that practitioners are paid for their services.
After all, healthcare providers can't help anyone if they can't keep the doors open and the lights turned on.
This is where Healthcare revenue cycle management comes into play.
The revenue cycle management is essential to running a successful medical practice. The advantages that revenue cycle management can provide to healthcare providers improve the patient and administrative experience.
How does Revenue Cycle Management work, and what does it entail?
RCM is a method for healthcare facilities and small practices to ensure that they are paid as soon as possible for their services. It covers the entire healthcare revenue cycle, from the time a patient schedules an appointment with their doctor to the time all claims and payments for that appointment are collected.
Let's look at some of the most important advantages of revenue cycle management.
1. Increase in Claims Paid Following Initial Submission
To ensure claims are paid the first time they're submitted, successful revenue cycle management places a premium on accurately completing front-end tasks. Insurance verification, the collection of accurate patient information, and proper coding are among the front-end tasks.
After the first submission, between five and ten percent of claims are denied.
The majority of these denials, however, are due to human error and technical issues.
2. Improved Practice Revenue and Collections
Healthcare facilities must account for a wide range of costs. They must not only pay for the services they provide to patients, but they must also compensate their employees for their efforts. The healthcare facility's payments are delayed when claims are denied or patients are unable to pay for services upfront. This makes it difficult for the practice to keep track of its expenses.
3. A greater emphasis on high-quality care
When a practice uses revenue cycle management, it saves time and money by not having to correct errors or appeal claims. As a result, practices can devote more time and resources to improving the quality of care they provide. Healthcare revenue cycle management solutions can even help providers transition to value-based reimbursement practices instead of traditional fee-for-service reimbursement practices.
4. Improved Patient Experience
Effective revenue cycle management improves the overall patient experience by putting a greater emphasis on patient outcomes. Patients can expect more comprehensive and targeted care, which will lower their chances of re-admission. RCM also streamlines procedures such as scheduling, filling out intake forms, and billing, resulting in a more pleasant experience for both patients and staff.
Furthermore, because RCM prioritizes thorough insurance verification upfront, patients will have a better understanding of their insurance eligibility right away. They won't be caught off guard by future out-of-pocket expenses this way.
5. Decrease in Administrative Burden
When a patient schedules an appointment, the administrative staff is in charge of scheduling the appointment, establishing or updating patient information, and, most importantly, verifying the patient's insurance. These front-end tasks are streamlined with a revenue cycle management system, allowing administrative staff to work more efficiently.
Revenue Cycle Management You Can Trust—PatientMD
Revenue cycle management has numerous advantages that benefit both healthcare providers and their patients. RCM can help healthcare providers reduce the burden of administrative tasks while increasing collections and revenue. Patients can expect more thorough and targeted treatment as a result of this.
PatientMD is here to assist you if you're wondering how an organization can improve its revenue cycle management. To ensure they experience all the benefits healthcare revenue cycle management has to offer, many healthcare providers choose to partner with us. At PatientMD, we go to great lengths to ensure that you have strong contracts that benefit you and improve your RCM.
As a result, you can return to doing what you do best: providing high-quality healthcare to your patients. Want to know more about PatientMD services? Text us at +18727048154.