The complex nature of providing health care demands complicated computer and software systems to support the work of doctors, their staff, and other members of the medical industry. You don’t need to be a computer scientist to appreciate the nuances of healthcare data standards and systems to help people communicate and share vital medical information. But it’s good to become at least somewhat familiar with the technology that allows us to share important facts and statistics about patients with other healthcare providers.
How is the flow of revenue in your healthcare practice these days? Or more precisely, how is your revenue cycle management (RCM) progressing?
Learn why patient engagement is a necessity and how you can master it within your practice.
In the aftermath of the massive numbers of COVID-19 infections from the global coronavirus pandemic, medical practices large and small are reassessing their revenue cycle as they begin to see more patients coming back. After years of social distancing and shelter-in-place orders, you can assume that more of your patients will be entering your doors once again for appointments that they canceled or procedures and tests that they put off.
Medical Billing: Claim Submission and Follow Up "Medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered," as stated on HBMA. Without submitting clean claims on a timely basis, it doesn't matter how many patients you see or how many services you render.
2022 presents some definite concerns for radiologists regarding billing and collecting revenue, in operating more efficiently, and in complying with certain CMS initiatives.
Your healthcare organization or medical practice needs tighter control over the flow of revenue and you are now preparing to deploy Revenue Cycle Management software. If you’re new to RCM applications or are curious about how RCM will integrate into your company’s existing medical billing computation infrastructure, it pays to become more familiar with Healthcare Revenue Cycle Management software and how it works. To help guide you in the decision-making process, here are the top features to look for in Revenue Cycle Management software for both smaller practices as well as large healthcare organizations.
As your organization devotes itself to providing outstanding healthcare for patients, you have to consider what the overall experience is like for each person who passes from the waiting room into the examination room.
It’s essential to pay close attention to the flow of revenue in your healthcare organization. And to that end, prudent managers will make sure that they use the right tools to gain insight into the revenue cycle and to manage the details.
Maybe when you first opened the doors of your practice, it made good financial sense to handle billing internally. But now, as your business grows in size and perhaps scope, billing has been growing more complex too. With so many moving parts to keep track of to ensure a good flow of revenue, many practices find it prudent to outsource this task.
If you don’t know what’s happening inside your practice in the back office in terms of billing and accounts receivable, how can you expect to determine the status of your organization? Are you meeting your financial goals or falling short? And depending on whether the answer is “yes” or “no,” how will you make a plan to either continue with the improvements or to stop a downward trend in profits?