What’s called to the procedure of managing claims processing, revenue generation and payment is revenue cycle management and there are countless of revenue cycle companies this particular service. In their service, this includes everything from collecting co-pay, determining the eligibility of patients, coding the claims, collecting payments, tracking claims and even doing follow ups on denied claims. Without a doubt, it is an integral part of office function and it is important that revenue cycle procedure is efficiently managed.
Financial pressures do increase on healthcare organizations in the upcoming days due to the reason that the focus is gradually shifting towards changes in reimbursement methodologies, increasing transparency and containing healthcare costs. According to research and surveys, it showed that revenue cycle companies have almost rejected 26 percent of all the claims submitted. 40 percent of the rejected claims are then submitted to CMS. This as a result leads to lost revenues for various healthcare organizations. Well, irrespective of how popular and good an organization is, losing revenue on a regular basis will certainly affect the survivability of an organization.
On the other hand, as you work with experienced revenue cycle companies, you can be certain that they are going to place appropriate RCM procedures which makes it possible for an organization to enhance their bottom line while reducing their write-offs. A few of the common issues faced by organizations in their RCM are poor communication between workers, untrained staff and incorrect workflow which can be corrected in-house easily.
On the other hand, it can be overwhelming for other organizations to take on the responsibilities and duties of revenue cycle management. Well good news is that, there are countless of revenue cycle companies that can handle the responsibility and duty of managing the revenue cycle of your organization.
It is essential to have thorough understanding of revenue cycle market and broad knowledge as well to be able to find the right revenue cycle management firm. Whether you believe it or not, the revenue cycle market was valued at around 18.3 billion dollars on 2014 but by the end of 2019, experts expect it to balloon by 32.2 billion. This means that there will be more as well as better companies and products to meet your needs for revenue cycle management.
Following are few indicators that you should know and understand to properly make the most of this growth and these are building strategy to be focused on consumers, pharmacies become margin generators and key revenue, work towards eliminating the cost of collecting bills of patients, building a strategic partnership with RCM providers in order to reduce cost of operation and also, to cope up with tricky reimbursement rates and many more. As you learn about this, you can be certain to find good revenue cycle companies to be hired.