Revenue Cycle Management

A critical part of your office function, it is important that the entire revenue cycle process is managed.

Research data shows that CMS denies 26% of all claims submitted. 40% of these denied claims are never resubmitted to CMS. This results in lost revenue for healthcare organizations. No matter how good and popular an organization is, regular revenue losses will affect the very existence of the organization.

Yet, with implemented RCM processes, an organization can reduce its depreciation and improve its bottom line. But, for some organizations, the responsibility of managing the revenue cycle can be overwhelming. This means more and better service providers and products for your revenue management cycle. Below are some of the key points to know and understand to tap into and enjoy this exponential growth.

Areas to watch out for during the EHR transition are payment speed, charge trends, non-final billing days, and rejection rates. These are indicators of the health of your revenue cycle.

Create a strategy to target consumers.

Work to reduce patient bill collection costs.

As of today, end-to-end RCM outsourcing is the best option to manage the revenue cycle.

As the RCM market grows, so do specialty or industry-focused vendors.

Explore the many different payment methods for RCM suppliers.

RAC appeal judges found that about 60% of the claims reviewed were not overpayments.

Consumers and legislators are demanding price transparency.

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