Revenue cycle management is an essential process for all healthcare organizations thanks especially to the complexity of billing and collections within the healthcare industry. Due to this complexity, RCM is a process that often lends itself to errors, delays, and frustration on behalf of the healthcare professionals charged with completing this important process. To help you get started with conducting revenue cycle management in the most effective and efficient way possible, we’ll explore the various factors that affect RCM as well as how Bikham Healthcare can help you revolutionize your organization’s RCM process.
Factor #1: Manual Record Keeping
In spite of the fact that we have been living in the digital era for quite some time now, many healthcare organizations continue to rely on manual record keeping processes. Unfortunately, manual record keeping is a practice that often creates costly mistakes that could have otherwise been avoided if organizations had used an automated billing and claims process. If your organization still relies on manual record keeping, the benefits of going digital are too substantial to ignore. By making use of RCM software, you can limit the potential for mistakes as well as streamline the entire billing and claims process.
Factor #2: Incomplete or Inaccurate Patient Information
The RCM process begins with the first encounter between a patient and provider when the patient’s eligibility and insurance information is collected. If this information is not retrieved in a complete and accurate manner, though, it can create claim reimbursement delays. To avoid delays due to incomplete or inaccurate patient information, it is essential to implement an efficient and easily repeatable process for gathering and storing patient information during the initial encounter.
Factor #3: Patient Financial Responsibility
Patient financial responsibility has been on the rise in recent years, with patients being forced to pay increasingly more out-of-pocket for their healthcare services. This rise in patient financial responsibility has also made it all the more difficult for healthcare organizations to ensure complete and timely collections. One of the biggest reasons why healthcare organizations often struggle to collect from patients who owe money out-of-pocket is a lack of communication and transparency regarding unexpected costs and fees. To ensure timely collection of bills that patients are personally responsible for paying, healthcare organizations need to implement a medical billing system that is transparent and easy to understand in addition to clearly communicating all charges and fees to patients.
Factor #4: Inaccurate Coding
Over and Under Coding is a compliance issue. Medicare adn Medicaid reimbursemwnts can be impacted and penalties imposed. Failing to accurately code medical services is a serious issue that can lead to problems such as claim denial, delays, and even improper patient treatment. Unfortunately, inaccurate medical coding is one of the most common medical billing errors thanks in no small part to the complexity of the medical billing and coding process. While it is important to ensure complete and accurate information across the RCM process, accurate medical coding is especially important and is something that all healthcare organizations should prioritize.
Take the Hassle Out of Revenue Cycle Management With Help From Bikham Healthcare
In order to ensure that bills are paid on time and incoming revenue remains sufficient for covering outgoing expenses, it is essential for healthcare organizations to take a detailed and comprehensive approach to revenue cycle management. This includes making efforts to mitigate the various factors that can make the RCM process even more prone to mistakes and delays. (onecrazyhouse.com)
If you would like to start managing your healthcare organization’s billing and claims process in a way that is much more efficient and reliable, the RCM experts at Bikham Healthcare are able to help. By combining cutting-edge RCM software with an experienced team of RCM professionals, we are able to eliminate the burden of revenue cycle management for healthcare organizations across the country. To learn more about our industry-leading RCM services, be sure to contact us today.
ONE EXAMPLE OF HOW YOU HELPED OR CAN HELP. YOU CAN USE ONE CASE STUDY TO SHOWCASE WHAT MAKES BIKHAM RELEVANT
