There are many benefits to outsourcing your revenue cycle management to a company with the skills and experience to optimize the entire process for your healthcare group. RCM Healthcare companies have the software and knowledge to implement a system that is beyond the scope of a typical healthcare provider. The following are just a few things they can do for you.
More efficient billing
This is an area that your healthcare organization is likely leaving money on the table through inefficiency. Better organized software that results in the proper billing and in a time frame that minimizes the inevitable cost associated with medical billing means increased revenue.
Expedited insurance claims
The insurance claims your business files take time, but an RCM company has the experience to process a variety of insurance companies, including Medicare and Medicaid. Their system is efficient, so the time to submit a claim is reduced, but the percentage of claims that are accepted will be higher than you currently realize.
Reduced denied claims
Knowing in advance what claims are likely to be denied by an insurance company saves you money on procedures that you are not likely to collect on when your patient is ultimately billed for something, they thought their insurance would cover. In addition, there is the increased chance of denied claims being reversed on appeal when outsourcing to a professional organization.
Management of accounts receivable
Your accounts receivable is an asset to your organization, but this is only true if you are collecting this money on a consistent basis and within a time frame that doesn’t create a cash flow problem for your healthcare company.
An RCM Healthcare company offers much more than what is listed above. Their services cover a wide range of things related to medical billing that can save you money and increase your revenues. GeBBS Healthcare Solutions is an outstanding example of this type of company. You should explore the possibilities with them today.