The Unique Benefits of Having a New Age Revenue Cycle Management (RCM) Solution

revenue management solution
July 7, 2016

Posted by MedbillingExperts / 0 Comment

Technology is a doubled-headed sword for the healthcare sector. While on the one hand it is increasing the efficiency of healthcare services, on the other it is creating unnecessary hurdles in their path to success. For instance consider the day to day activity of a healthcare provider. Between walking the tightrope of managing incremental volumes of paperwork to getting updated with the latest systems such EHRs and ICD-10 coding, there are a lot of things that can go wrong, and consequently, potential for revenue slip-ups are quite high.

Fortunately, today’s new age revenue cycle management solution can help to check this menace to a large extent. These systems can effectively handle a vast array of time-intensive processes — such as coding, billing, admitting, balancing budgets and filing claims — and provide a level of control and oversight to help you avoid the most common hindrances affecting your revenue cycle.

Going more into the specifics, these are some of the primary benefits of owning a modern revenue cycle management system:

1. Flag Coding Errors

ICD-10 and recent regulatory changes are weighing healthcare practices down, especially for those without adequate experience and training. As a result of this there is a drastic rise in the number of billing and coding errors, which is leaving healthcare practices red-faced.

An effective RCM solution can assess billing codes and flag errors with precision. Once the flags are raised, any individual who is handling claim process before it is officially filed can go to the root cause of the issue and correct it within a fraction of time, thus preventing lengthy denial and re-appeal process.

2. Identify Missing Codes, Charges and Other Critical Information

Mistakes are a part and parcel of everyday life, especially when your job description entails sorting through tens and hundreds of patient files on a regularly basis. This can lead to common mistakes like missing codes and inconsistencies in billing files, thereby culminating in instant denials and wastage of crucial labor hours for re-submissions. Missing charges are even gross as they have a tendency to slip through the cracks undetected and leave someone with a bill that is lighter than what they were supposed to pay.

An effective RCM solution will relieve you from the monetary burden of such errors. This system will seamlessly assess bills and invoices based on the patient’s records, and identify missing form entries. Consequently, you will end up with fewer incomplete bills and ensure that charges do not go off the radar.

3. Flag Underpayments

Sometimes patients and payers end up with invoices or claims that don’t reflect the actual due amount to some kind of error. But unfortunately, not everyone have what it takes to spot these errors, and those who manage to do so may not have access to an appropriate system that enables them to log these inconsistencies and bring the missing funds back into the loop.

In such a situation a reliable RCM can be your life saver. This system will act as a backup and provide a level of auditing that will ensure that there are no breaks in payments.

4. Confirm Eligibility

Expectation of benefit statement provided by insurers can take its own sweet time to decipher. Hence why waste valuable time of back-office employees to carry out such a time consuming task. Use the services of an effective RCM solution that can automatically identify eligibility for reimbursement programs before admitting. This way you can be free from the hurdle of having to parse through every EOB. What’s more the system will also help you to identify ineligible patients for certain procedures or services almost instantaneously.

The Bottom-line:

The benefits of a modern, integrated RCM system are too many to count. Hence why not start replacing your outdated RCM systems with the state-of-the-art solutions provided by us. This way you can put money back in your pocket while improving outcomes.

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