In the complex landscape of healthcare, revenue management plays a crucial role in the financial stability and success of medical practices and hospitals. Understanding the revenue management cycle is essential for healthcare professionals to optimize revenue, improve cash flow, and ensure compliance with billing and reimbursement processes. In this article, we will provide a comprehensive…
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Revenue cycle management (RCM) is a set of administrative and financial processes used in healthcare to manage the capture, management, and collection of patient service revenue. RCM is quickly becoming one of the most important components of healthcare administration, as it can help providers improve their financial health, streamline their operations, and provide better patient…
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Before we understand ways to improve accounts receivable for your healthcare organization, let us first know what healthcare accounts receivable are. When we say accounts receivable in regards to the healthcare industry, it means collecting payment for the balance due or unpaid bills from the patients incurred for providing them with medical treatment or services.…
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Patient registration is the first step in the revenue cycle. It is critical that you ask for and receives correct information from the moment a new patient begins the registration process. If any information is omitted, provided incorrectly, or entered incorrectly by the front desk, the claim will be incomplete and/or incorrect. Incorrect or incomplete…
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The healthcare industry is facing significant uncertainty as we approach 2022. Although it is difficult to predict the future of government regulations or other major health concerns such as COVID19, you do have control over modernizing your patient billing statements and payments to better meet industry demands and reduce patient stress. Implementing new systems is…
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Medical billing denial management is always a difficult task. When you find the right solution, it may appear that you have a more efficient revenue generation process. Nonetheless, many people fail to optimize their denial management in medical billing for a variety of reasons. There is no specific proof that every medical billing process was…
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It has been correctly stated that what you do not measure cannot be managed. This is especially true when it comes to medical billing denials. You cannot manage this critical aspect of medical billing without a strong Revenue Cycle Denial Management system in place. If you do not manage your denials, you are likely leaving…
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Physicians often get into stress with seeing an increasing number of patients, providing medical services, and following up with appropriate follow-ups that they have little time to attend to the coding and billing processes themselves. Practices may have in-house staff who are overburdened with other responsibilities. However, documentation of medical records, timely coding and billing,…
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It’s no secret that healthcare providers are increasingly outsourcing their medical billing services to professional companies to handle their medical billing and collections. A number of physicians, hospitals, nursing homes, urgent care centers, laboratories, DME companies, and other entities in the healthcare industry have recognized the need for billing professionals in order to refocus on…
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The majority of RCM services are labor-intensive. To handle the volume of cases, even a small physician’s facility requires one or more dedicated staff members. Salary and benefits are more expensive than hiring a medical billing agency. Turnover may also be an issue, as it takes a significant investment to hire and train new employees. …
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