Did you know that the USA spends considerably more on healthcare than the entire world average spending? In most developed countries, healthcare takes up around 10% of the GDP. While in the United States of America, the portion of GDP was around 18% at the end of 2019. Another interesting fact about the American healthcare industry is that it is the largest employing sector in the entire country. The healthcare sector in the USA is widespread, with several stakeholders involved at every step. Revenue cycle companies are crucial partners of this industry who help the revenue leaders scale their reimbursements.
With the majority of the healthcare industry struggling with staff shortages in the post-pandemic phase, revenue cycle companies could serve as the ideal partners to get your work done. Check out the top services that the leading companies have to offer to improve your revenue growth.
Accounts Receivable Management
- Managing accounts receivables is one of the most crucial pillars of revenue cycle management in a healthcare organization.
- Leading RCM companies appoint specialists to make sure that your revenue does not get stuck for more than 30 days in AR with the insurance companies.
- During the onboarding process, they also offer retrieving aged AR with their technical expertise. The well-trained professionals make sure that your revenue cycle does not slow down.
Denial Management
- Denial management is one of the most common services that provider organizations look for in revenue cycle companies.
- While the billing team takes every effort to make sure that a clean claim is filed in the first attempt, but denials do come in for several reasons.
- The experts at the RCM companies follow a proven model of repeatable procedures to manage these denials and go through with the consecutive processes to keep the cash flow strong.
Appeal Processing
- Filing an appeal might be the last step to get your claims reimbursed, but it certainly is no easy task to manage, along with the regular billing work.
- Successful appeals processing requires professional expertise and dedicated teams, which often the in-house management lacks.
- Professionals at leading revenue cycle companies take the claims through the right processes and finally submit the appeal letter with a proper argument along with properly collected and verified documents.
To know how to write the perfect appeal letter, you can read the article here.
Patient Demographics Entry
- Getting the patient information right on the claims is considered a crucial factor in getting the claims right in the first go.
- However, manual entering of information or getting incomplete information during the patient registration process oftentimes leads to denials from the insurance carriers.
- Professional teams support you with electronic factsheets that you can use at the time of the registration process, even before the patient receives their treatment. This process eliminates any possibility of manual error or incomplete information and keeps your claims clean.
Prior Authorization
- Delay in getting prior authorization or getting the approval denied in the first place leads to significant issues between the provider organizations and the insurance carriers.
- The teams from the provider’s end should keep on following up with the insurance carriers and keep the required documents in place to get the authorizations without delay.
- RCM companies offer their specialized services to ensure that the patients do not face any delay in treatment and there is no issue later on during the reimbursement process.
Prior authorization could take a positive turn with AI. Learn more about it here.
Overpayment Management
- Several healthcare systems suffer from overpayment issues which keep stacking up if not addressed early on in the process.
- RCM companies take care of the refund processing well enough while keeping track of your daily reimbursements so that they do not get delayed further.
- Some of the companies also use their homegrown overpayment management software to tackle these issues with ease.
Specialty Billing
- One important point to note while looking for revenue cycle companies is whether they have experience in the specialty of your choice.
- While the majority of the leading ones in the business offer expertise in every specialty, dental and vision billing services are worth noting separately.
- Some companies even provide different specialized coding teams dedicated to each specialty to ensure that you get superior service from thorough professionals.
Staff Training Services
- With the constant flow of workload throughout the year, the in-house billing teams often find it difficult to update themselves about the latest changes by the federal and state agencies.
- You can also avail staff training services from the professionals of the revenue cycle companies to upgrade your systems and keep your staff in the loop.
- You can also their staff training services to support your in-house teams on the new billing software upgrades.
Technological Solutions
- Most provider organizations are on their digital transformation journey to simplify their workflow management and fulfill their billing needs.
- RCM companies develop homegrown software solutions and even customize them for their clients according to their clinical setup.
- These technological solutions give a much-needed boost to this transformation journey and minimize manual errors at the same time, making the entire billing process friction-free.
Customer Support
- Customer support is a much-needed service that both provider organizations and EHR companies require.
- The leading RCM companies ensure that they appoint trained professionals to improve the service to the clients. This gives the organizations time and available resources to concentrate on their further development.
- Trained customer support executives can help improve client relationships by providing more efficient solutions and shorter turn-around times.
We hope this article helped you know the top 10 services from revenue cycle companies that can help you improve your cash flow. For any queries, please write to us in the comment section below. Please subscribe to our blog for more such articles on healthcare, billing, technology, and management. Follow us on LinkedIn, Twitter, Instagram, and Facebook for regular updates.