Why You Should Work With Revenue Cycle Companies?
The process of managing claims processing, revenue generation and payment is called revenue cycle management and there are plenty of revenue cycle companies that are offering such 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. It is without a doubt an integral part of office function and it is vital that the revenue cycle procedure is efficiently managed.
Because the focus is gradually shifting towards changes in reimbursement methodologies, increasing transparency and containing healthcare costs, financial pressures do increase as well on healthcare organizations in the upcoming days. As what stated in various surveys and research, it stated 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. Because of that, there are various healthcare organizations that lost revenues. Irrespective of how popular and good an organization is, constantly losing revenue will probably make a huge impact on their survivability.
By working with experienced revenue cycle companies on the other hand, you can be sure that they are placing appropriate RCM procedures allowing the organization to further improve their bottom line while reducing their write-offs. Some common issues that are faced by organization in their RCM similar to poor communication between workers, untrained staff and incorrect workflow can be corrected easily in-house.
For other organizations however, the responsibilities and duties of revenue cycle management could be overwhelming. 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.
Being able to choose the appropriate revenue cycle management firm will require thorough understanding of revenue cycle market and broad knowledge as well. Believe it or not, at 2014, revenue cycle market was valued at almost 18.3 billion dollars but by the end of 2019, it is expected to grow by 32.2 billion. In other words, you can expect to see better companies and products to meet your needs for revenue cycle management.
Following are key indicators to be known and understood in taking advantage from this growth and this includes 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. Rest assure to find seasoned revenue cycle companies to be hired by learning about this.