Revenue Cycle Management – Getting Paid on Time
An effective Revenue Cycle Management helps practices to increase efficiency and revenues. It also ensures to cut cost and reduce denials considerably. Revenue Cycle Management is not about just one activity, it is all about managing the entire process from start to finish. In the healthcare setting Revenue Cycle Management begins even prior to a patient’s visit to the facility.
Pre-verification is the first step in Revenue Cycle Management. All the patients scheduled to visit the provider are verified for eligibility and benefits with their insurance. All authorization and referral requirements are clearly understood and documented. Co-pay, Deductibles and out of pocket expenses are also documented. First step to effective Revenue Cycle Management begins with collecting the patient liabilities immediately during the visit. (more…)
Business Process Outsourcing: What and Why?
Business Process Outsourcing is a method of sub contracting some parts of the operations to a third party. BPO was originally associated with manufacturing sector but later it was totally embedded as Information Technology Enabled Services. Outsourcing helps companies to stay focused on important business areas. It also helps them to use their management resources effectively. In the present situation companies face many challenges like tough economy, lack of skilled resources, lack of time to pay more attention to marketing and customer services. It has become necessary for companies to have a flexible pricing, process and technology to be successful. To sustain profitability and to access talented resources many companies go multinational to stay ahead of their competition. (more…)
How Eligibility Verification acts as an effective denial management source?
Providers lose thousands of dollars every year when services provided by them are denied as non covered services by the patient’s medical insurance company. Usually the providers get these denials anywhere between 15-30 days after the services were provided. Now, they end up billing the patient after 30 + days and also need to spend more time, money & resources to collect it. If they are not successful in collecting the money, then it will be usually moved to a collection agency. This inefficiency can be erased or reduced by Eligibility Verification Process. (more…)
Medical Billing Outsourcing – A Boon to Healthcare Industry
In these changing times, providers are faced with many challenges including reduced reimbursements, changing government laws, strict patient health information rules and more. Providers are faced with the task of providing excellent patient care and also need to ensure they are paid accurately on all the services they have provided. Providers usually hire a dedicated in house biller or billers to their practice or outsource their medical billing requirements to a professional medical coding and billing company. (more…)