Technology and Revenue Cycle Management: What You Need to Know
Revenue cycle management (RCM) is a vital process for modern healthcare...
Optimize Your Revenue in a World of Declining Reimbursement
Measure your success and maximize your bottom line with Bikham Healthcare
15%
See 12-15% Jump in collections
20%
20% reduction in cost to collect
18%
15-18% reduction in AR Days
8%
7-8% increase in NPR
Complete End to End RCM Service for Healthcare Institutions
Benefits & Eligibility Verification
BEV is the most crucial part of any RCM cycle. We make sure your patients plan has coverage for the procedure that you are about to perform. This eliminates all eligibility related denials and increases revenue by at least 7-10%.
Coding & Submission
Claims are scrutinized ensuring maximized reimbursements without over-coding which is one of the ways we typically increase clients' revenue by 10-20%. We maintain a nearly 100% success rate on first attempt HCFA and UB clearinghouse claims with WC (workers compensation) and NF (No Fault) available as well. We stay on top of all latest coding updates.
AR Follow Up
We all know that Insurances will deny claims. Thus AR follow-up is the most critical part of any billing work flow. Accounts receivables follow-up ensures timely turn around of rejections and denials. Here at Bikham, we make sure that maximum resources are allocated to the AR follow-up team so that a high number of submitted claims can be timely followed up on to enable quick action and re-working of the denials.
Denial Management
We make sure your AR experiences minimal denials. Our experts have extensive experience in overturning all types of denials, right from medical necessity denials, maximum benefits exhausted, additional documents required, coding related denials, patient benefit related denials, prior authorization issues, EDI issues, our team is adept at resolving and getting the denials overturned with timely, effective, affirmative follow up and extensive appeals.
Appeals / Medical Necessity
We have a separate appeals and reconsiderations team that works closely with the AR team. The team has both pre-set and customizable appeal formats for each and every type of denial. Extensive appeals including the right information, submitted timely can have a huge impact on overturning the most complicated denials effectively.
EOB / ERA Posting
We make sure all your EOB’s ( Explanation of benefits ) and ERA’s ( Electronic remittance advice ) are posted and reconciled daily to ensure an accurate end of day statement for your staff to review and access average growth in revenue. We have a two tier quality system in place, ensuring all postings go through a level 1 and level 2 check before the final reconciliation report is generated
Patient Statements
With patient balances among the largest of owed buckets, successfully collecting their balances after insurance and co-payments is a must. We have what’s needed to help ensure getting every dollar from every patient. We handle patient statements and take calls from patients who have statement questions, also make polite calls to remind patients of their balances using all modes of communication including emails, fax, texts etc.
Revenue Enhancement Meets
We keep our Billing workflow highly transparent with the client. The Billing teams work flow logins are shared with the client for complete transparency. All reports are shared weekly. We organize monthly REM sessions with the client to make sure we lay out a clear road map, going over all aging and revenue reports, showing the client exactly what we have planned to up their collections, thus revenue growth and assessment in the coming quarter.
Why Bikham
Customizable RCM modules just for your business
Personalized service / SPOC availability at all times
Fixed Insurance collections percentage charge
Complete transparency daily/weekly reporting
R&D team stays on top of all AMA and other industry updates
Complete suite of patient support services
Prior Authorizations Made Simple
Prior authorization approval and derivation is a complicated process. Bikham simplifies it by enabling healthcare providers to reduce prior authorization related workload and denials while improving cash collections with our specialized prior authorization workflow management. The process is simple!
Streamline Your Workflow
We scrutinize your payer mix and track all the prior authorization requesting payers and codes; work with your internal staff and physicians to make sure we get prior-authorization for every single claim before the procedure is performed. In most cases retro auth facility is available, so our team stays on top of prior auth checks with the payers, making sure we either apply for prior auth right up-front before the procedure happens, or apply for the retro auth within the stipulated time frame. 68% reduction in time spent per account
Prevent Denials
Increase your revenue by preventing prior-authorization denials. Bikham incorporates insurance specific criteria to improve your success. Our effective prior auth work flow management system enables 8-10% reduction in denials and smoothens out the AR work flow to enhance the collections graph. 10-12% increase in revenue
Faster Turn Around
We route your cases to the appropriate benefits manager for a faster turnaround time in getting the pre authorization approved. Our vast experience working with the payers prior authorization departments comes in handy in this workflow. We have pre-set formats and payer specific forms in our pre auth directory. This saves time and quickens the claim processing time. Thus improving overall collections 25% faster time to decision
Get a FREE Practice Wellness Report
This no-obligation analysis is designed to assess your current billing processes. Identify revenue opportunities and improve financial performance.
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Do you have Backlogs or Aged AR?
Every practice, laboratory or healthcare institution submitting insurance claims is battling that demon called aged AR or stuck AR. These are insurance denials, rejections and other missing info related claims that you are not able to do much about, due to either being short staffed, your billing company not putting in enough efforts or resources or simply because you have too much on your plate administration wise, that the billing & aged AR took a back seat.
This is money you lost. Money that could have been collected and grown your bottom line.
We have a simple solution for achieving just that. Don’t fire your biller or your billing team. No changes in software and no additional cost to hire us. Just hand over that aged AR to us and let us collect on those un-worked denials and rejections. We get paid when you get paid on that lost / aged AR. Simple.
Our backlog recovery and Aging experts
18 years of RCM expertise, over 500 practices across the nation, a team of over 150 expert billers, pretty much taught us everything we needed to know about the most important facet of RCM – Denial Management.
Every time we took on a practice’s Billing, we made sure we set a target to reduce the denial percentage by a good 15-18% in the first quarter, and proud to say, we didn’t fail to achieve it even once. That is actually what gave birth to our credentialing & enrollment arm, because you cannot reduce a practice’s denials unless you handle their credentialing.
Here’s what our Aged AR experts prepare and do:
Prepare
- Assess your entire AR for the last 3 years
- Prepare analysis on what is the collectable metric
- Present a quarterly collection plan based on buckets
- Establish up a communication flow with the practice
- Set a monthly progress reporting system with the client
Do
- Aggressive AR follow up on aged claims
- Identifying denial reasons and classifying buckets
- Strategizing & prioritizing work flow & timelines
- Aggressive as well as assertive appeals submission
- Identifying patient owed balances and planning retrieval
- Working closely with the credentialing team
- Working closely with the enrollment team – ERA, EDI related issues
We collect what you thought you had lost.
Hospitals are sitting on millions of aged / stuck AR that they have given up on. Give our Aged AR experts a chance to come in, strategize and collect, what’s rightfully yours.
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Customers Experience
3 / 4
Did You Know?
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Frequently Asked Questions
RCM is the process of managing the financial transactions involved in healthcare, including verification of benefits, authorizations, claims processing, billing, and payment collection. It ensures that healthcare providers are reimbursed accurately and efficiently for the services they provide.
Bikham Healthcare offers a full range of Revenue Cycle Management services, including verifications of benefits, utilization review, patient engagement services, claims submission, coding and billing, denial management, patient collections, and financial reporting.
Our denial management process involves identifying the root cause of denials and taking steps to resolve them quickly. We work with payers to appeal denied claims and ensure that you receive the full reimbursement you are entitled to.
Our patient collections process is designed to be patient-friendly and efficient. We use best practices for patient communication and offer a range of payment options, including online bill pay and payment plans.
By outsourcing your Revenue Cycle Management to Bikham Healthcare, you can reduce administrative costs, improve revenue cycle efficiency, and increase cash flow. Our services are designed to help you maximize revenue and minimize financial risk.
Our RCM services are fully compliant with HIPAA, Medicare, and Medicaid regulations. We have a team of compliance experts who stay up-to-date on all regulatory changes and ensure that our processes and procedures adhere to all requirements.
We provide detailed financial reports that give you a clear picture of your revenue cycle performance. Our reports include key performance indicators such as days in accounts receivable, first-pass claims acceptance rate, and collections rate.
Getting started is easy! Simply contact us to schedule a consultation. We will evaluate your current revenue cycle processes and provide a customized proposal for our services. Once you decide to move forward, we will work with you to implement our services and ensure a smooth transition.
