Billing procedures aren’t the first thing on a doctor’s mind, but managing this process effectively is key to running a smooth medical practice. This is why revenue cycle management (RCM) is so important to handle effectively. This is the process by which patients’ bills are preserved and managed, and all essential documents are registered, scheduled, and processed properly.
The goal of a good RCM System is to guarantee optimum performance by streamlining the process. The fewer hiccups there are in the billing process, the easier it will be to bridge the gap between the clinical and business sides of your healthcare practice. Here are several ways a new RCM system could benefit your business.
1. Reduced Time Commitment
Many offices spend far too much time managing their RCM setup, including chasing down lost documents and sending them where they’re supposed to be. This is especially common for offices that still use analog systems. A good RCM system will streamline the process, making it easy to pre-register patients and save time in the office.
You’ll have all the information you need before a patient sets foot in the office, making it easy to minimize the time they spend filling up paperwork. You’ll be able to send payment info directly, and have all the needed documents to send to any third parties without having to reconnect.
2. Reduced Errors and Redundancy
What’s the biggest cause of lost time and money in healthcare? It’s often human error. One missed detail or document can cause weeks of back-and-forth wrangling with an insurance company. An improved RCM system can keep all documents on file for cross-referencing even months after the fact, and many will be able to filter out mistakes immediately so they never get transmitted out of the office. A system that allows medical staff to quickly correct an error is worth its weight in gold, which is why many medical offices work with a company specializing in medical revenue cycle design.
3. Reduced Costs
Switching up your RCM could not only help you filter out errors and reduce the time commitment for working with each patient, but it could actually save you money. An old-fashioned revenue cycle management system could require employing someone to manage the books – doing the work that the system could do automatically. This will save money on employment costs, but it could also protect you from having to make costly settlements in the event of an error. Every error you catch before it becomes a major problem is money saved – and headaches saved for the people in charge.
4. Fewer Denials
One of the most challenging parts of working with insurance companies is making sure every detail is correct – because if even one thing is out of order, the odds are the company will send it back for revisions or even deny it outright. That could complicate relationships with clients, and in major cases could threaten the office’s financial stability.
An accurate RCM system will filter out any errors before they get transmitted, making sure you provide only accurate information to your partners in the insurance company. Not only will your office get reimbursed sooner, but your patients are less likely to be pulled in with complicated billing issues while they’re recovering.
5. Improved Patient Experience
No one wants to come in for a medical procedure, and a certain level of stress will always be associated with it. The last thing anyone wants is added stress from a billing issue, which is why it’s important that everything on the medical office’s end be as smooth as possible. A good RCM system will simplify and streamline the billing process, so the patient knows what to expect and when to expect it.
The patient’s focus should be on pre-care and recovery, while the doctor’s focus should be on providing the best possible medical care. The RCM system fills in the gap, handling the nitty-gritty of billing and ensuring a positive end-to-end patient experience.
Time For a Change
Have you been struggling with your RCM system? Are you noticing simple mistakes keep slipping through? It may be time to change things up and bring in a state-of-the-art new system that can handle your billing cycle without the risk of an older or analog system.
There are many benefits to a modern RCM system in handling revenue cycle management. These include an improved patient experience thanks to a reduced time commitment and reduced costs for you. You’ll see fewer errors and those errors that happen getting caught earlier, which means fewer denials. Altogether, your office can run smoother than ever before.