It's no secret that revenue cycle management (RCM) is becoming more complex every day. Based on recent studies, patients will assume greater financial responsibility for their healthcare in the next few years.
Increasing profitability and eliminating unnecessary administration burdens enable medical providers to focus on patient services and care delivery. Revenue Cycle Management (RCM) services allow practice administrators to nurture financial performance while medical staff nurtures healing and disease management.
Learn why patient engagement is a necessity and how you can master it within your practice.
Administrative burdens are taking the joy out of practicing medicine. Based on a RAND study that explored premature burnout, incoming AMA president Steven J. Stack, MD recently confirmed what many doctors have known for years. Overwhelming regulatory burdens are cutting into time formerly spent interacting with patients, reducing job satisfaction, straining tight budgets to near breaking points, and triggering earlier retirement. Stack said, “A healthier, happier nation (needs) a healthier, happier physician workforce.”
Now more than ever before, specialty practice administrators must think critically about balancing clinical and administrative skills with patient outcome goals and experiences.
Medical Billing / RCM | Value-Based Care
It should go without saying that Revenue Cycle Management (RCM) Services streamline claims processing and support financial stability. But, many specialty providers still don’t fully grasp the significant role that RCM plays in patient engagement and brand confidence building.
According to United States Census Bureau data, there are more than 691,000 thousand physicians and surgeons practicing medicine in the US. Many of these healthcare providers work in private practices and clinics, often with administrative support staff and other healthcare personnel.
Over the past two decades, revenue cycle solutions have evolved from a traditional back-office challenge to a major focus throughout the organization. Every individual in the medical practice from the C-suite to the exam room is expected to keep a critical eye on the revenue stream.
Forty percent of healthcare management professionals surveyed by Oracle reported their current systems couldn’t meet specific industry requirements. RCM services that leverage financial, clinical, and other related data generate valuable opportunities to improve workflow patterns.
Medical Billing / RCM | Practice Management
Health rule challenges continue, even as October 1, 2015 looms. Individual insurance benefits fluctuate as employers scramble to control costs, making it increasingly difficult for hospitals and physicians to stay on top of diverse policy provisions and exclusions. Myriad new regulations and mandates for providers and employers also means more responsibility for paying for health care services falls into the hands of patients.
Medical Billing / RCM | Practice Management
You’ve experienced problems in the past with how you billed your patients, leading to missed payments as well as a much longer revenue cycle for those that do pay. Now you are growing more serious about finally using dedicated software that was built with your organization’s needs in mind. As you and your staff prepare to bring a new medical billing system into your practice, you will likely have some pressing questions that need answering before you can make your selection. Here are the answers to your top five medical billing system questions.
