Regardless of the size and scope of your healthcare facility, revenue cycle management is an integral part of your business. RCM is the financial process used by your facility and includes medical billing of insurers, patients, and follow-ups. RCM can also include registration and appointment scheduling. An effective RCM system follows a patient through every stage of their visit from initial registration, through coding the visit, billing any insurance company used as well as the patient for the portion of the bill that is their responsibility. It only closes out when the final payment on the bill is received.
Using RCM Software
Healthcare billing is very involved, and any error can lead to a denied claim and delays receiving payment. Utilizing a system that reduces human error increases profitability and lightens the load on your employees.
Effective RCM software should include all necessary information on the patient, including their personal information, their insurance, their healthcare information, and the treatment they receive. It is important to have all this information in one place and a consistent format.
Effective RCM solutions should make it easy for office staff to communicate with their patients’ insurance companies. Ideally, the staff will have information about what is covered before the visit is made. Once the appointment is over, the staff can then code it in the software and send a care summary to the insurance provider. The insurance provider responds with the amount they will pay. The staff then bills the patient for the balance.
Mistakes or delays in any part of this process mean lost revenue for your facility. Using a reliable RCM solution reduces errors and speeds the process along. When you are ready to consider RCM solutions for your facility, get in touch with GeBBS Healthcare Solutions. Our team of medical billing and coding specialists are here to help.
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