Revenue Cycle Management Services
The Revenue Cycle Management process involves more information and processes than providers typically do in medical billing. Medical revenue cycle management deals with the financial transactions that accompany medical encounters. The encounters take place among patients and medical suppliers, facilities, or healthcare providers
Revenue Cycle Management, as you can see, is a complex system that can become a hard entity to manage. You need to keep the focus on it to make sure your staff is paid and remains profitable.
- Billing
- Collections
- Coding
- Compliance
- Analytics of data
- Management responsibilities
- Contracts with payers
Revenue Cycle Management, as you can see, is a complex system that can become a hard entity to manage. You need to keep the focus on it to make sure your staff is paid and remains profitable.
increase revenue by outsourcing billing and collections
RCM and medical billing professionals earn an average of $35,000 per year in healthcare organizations. However, it is inexpensive to hire certified billers and coders working from offshore countries like India. It is easier to avoid hiring this type of help by partnering with an offshore outsourcing medical billing services. Virtual Healthcare is one of the best options to handle your RCM since it has years of experience, and possesses a team that knows how to identify and overcome challenges. The Virtual Healthcare team handles all interactions with the payer to make sure the claim is paid to the contract and the practice collects what it is due. Because of our top-class revenue cycle management services, we are amongst the top RCM companies in USA. Get in touch with Virtual Healthcare now to experience the difference in your revenue cycle.
Why you should outsource medical billing (or RCM)
With every passing year, the tasks associated with running a healthcare organization become more complex. Several factors can influence reimbursement, including new regulations, coding changes, payer rules, and performance measures.
Outsourcing medical billing simplifies an organization’s administrative process and maximizes its revenue cycle management per dollar spent. A healthcare organization knows that it’s time to outsource medical billing when revenue isn’t being collected as it should
The following early warning signs may indicate that collections are not optimal:
- There are lots of claims, but not enough revenue. Due to timely filing rules, an organization will not be collecting as much revenue as it should be.
- If the billing department only measures bank deposit slips. You may be leaving money on the table if you have no insight into your revenue cycle.
- Experiencing insufficient time to deal with rejections or denied claims.
In the practice, patients are always first priority, but if revenue cycle demands keep pushing to tomorrow, it is important to evaluate if workflows can be improved. Assess whether the practice has inadequate staff or if it needs assistance with billing and coding