Revenue Cycle Management (RCM) is the lifeline of physician practice the revenue generation channel. Most of the healthcare professions make a mistake of thinking that the Revenue Cycle Management (RCM) is equivalent to medical billing.
NEW YORK, NY, September 22, 2017 /24-7PressRelease/ -- Revenue Cycle Management (RCM)
solution providers create a beneficial factor for providers by promoting the healthcare business and providers activities. RCM creates a clarification for the revenue generation and the channels which are impacting the reimbursement channel for providers. An RCM solution provider can be one of the most valuable factors for the large healthcare organization. RCM is the channel to bridge the gap between insurance and payers.
According to the recent data released by the Healthcare Management Association, the total RCM process is now holding the most amounts of data and revenue for the insurance company and for the providers. The total RCM process includes different stages of Demographic entry, coding, claim submissions, and charge capture, settlement process. Each of the steps holds the necessary act of holding the total revenue generation in chain flow.
Healthcare providers are especially looking to strike a balance between traditional management model as well as a newer model, a value-addition model. The adoption of new rates RCM for various purpose reflects an overall need of market players for the future.
The total Revenue Cycle Management (RCM)
has accounted for almost $51.7 billion in 2016 has compounded rate of growth is 12.3%. The growth is currently being impacted by deductibles which can be further bifurcated into co-pays, co-insurance or even the term of the contract.
MedicalBillersandCoders.com has a team of expert revenue managers who have studied the data of more than 600 medical facilities to understand the impact of the different revenue generation factors on the total RCM process. In the total RCM process, charge entry happens to be the most important step where the maximum numbers of errors are detected and revenue managers detect the mistakes in the documentation that the certain diseases don't really relate to certain code.
The next step which happens to reduce the revenue generation of providers is the last step where the payment posting happens. For every third claim Explanation of Benefits (EOB) is denied. If the claim is denied for more than three times the chance that the claim will be accepted reduces by 33% and if the claim is more than 90 days old then the chances of reimbursement reduce less than 20 percent.
Brian Reese, Director of Operations at MBC in Ohio "The traditional definition of Revenue Cycle Management (RCM) used by healthcare providers to scale and manage the process of healthcare reimbursements. The modern RCM should be reconciled with improving the process of claims management, explanation of benefits (EOB), improving the quality of information and automating processes."
Mitchell Hancock Customer Relationship Manager (CRM) in Florida "Multiple providers in developed economies are looking to strike a balance between traditional model and value-based model. Adoption rates of RCM for the various purpose of the overall need the market players to predict the future."MedicalBillersandCoders.com
with over 16 years of experience in USA healthcare. With a team of more than 100 skilled billers and coders, we have reduced the denial to less than 1 percent. We have added 20 percent to provider's revenue generation every quarter.
Prerna Gupta, Media Relations
2400 SE Veterans Memorial Pkwy Suite 210,
Port St Lucie, FL 34952
Website: www.medicalbillersandcoders.comRevenue Cycle Management
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