Optimizing your Revenue Cycle Management for Better Cash Flow
- December 2, 2015
- Posted by: Thomas Anderson
- Category: Revenue Cycle Management
Revenue Cycle Management (RCM) is the backbone of the healthcare industry. It is an imperative part to maximize revenue for the services all the healthcare providers provide. With proper implementation and execution of RCM, medical institutions can easily witness revenue generation at its best.
Proper RCM accelerates cash flow, reduces denials, and good quality medical billing solutions will lead to successful revenue integrity. To analyze and determine the root cause of denial issues can only be solved with an accurate execution of RCM process.
RCM is the primary hub for the profitability of healthcare providers in the U.S. The country’s census has estimated the growth of hospital care accounting to $1.1 trillion by 2016, out of which the size of the outsourced RCM services market (that covers both pre and post-medical intervention) is estimated to be $8 – 9 billion.
For better performance, RCM outsourcing experts are very meticulous so they don’t have to pay for their mistakes. Outsourcing optimizes revenue, perks up cash flow, and increases profitability. By improving administrative workflows, documentation burdens can be reduced, you can accelerate patient output, and boost care management.
Pointers to optimize RCM:
- Streamlined RCM gives entire visibility and declaration of payments
- It starts from charge entry to claims submission through payment follow-up
- Documentation should be a prime focus for quality control
- Most revenue cycle best practices today are geared toward managing accounts receivable—billing, collecting, and managing denials and underpayments
- Compliance can never be separated from RCM
- Systematically monitoring and resolving
- RCM process thrives for operational excellence in an efficient way
Thus, opting for outsourcing for administrative functions of generating health records, account receivables, and coding which collectively improve the healthcare business.