Revenue Cycle Management (RCM) is the process of managing the claims payment, processing, and generation of the revenue. It uses technology like medical billing software for keeping records in tracking patient care from registration, scheduling of appointments, and final balance payments. RCM becomes more important as many hospitals and other medical institutions advance into more value-based care delivery environments. Health care experts have concluded that revenue cycle management plays a key role in medical billing and coding companies since hospitals are adopting cost-cutting strategies.
Recent studies have concluded that in the United States alone, approximately $2.7 trillion is spent on healthcare, in which about $400 billion is spent on revenue management, payments, and claims processing. The importance of RCM is also highlighted in the study, which declares that about 15 percent of the entire healthcare provisions in the country are allocated for revenue cycle efficiencies.
The need for continuous RCM process has reached a saturation point with increasing responsibility on part of the patients in their healthcare spending and reduction of margins attributed to shrinking reimbursements. The process of end-to-end Revenue Cycle Management should have wide-ranging inclusions from payer credentialing to complete billing and collection services. Some major healthcare systems have even experimented with using outside software solutions in the process and allowed their member hospitals in applying the solutions for themselves. However, they got only partial and mixed results so far.
Experienced medical billing professionals have the necessary expertise in management across all aspects of the revenue cycle. At 4D Global, we have a team of professionals highly knowledgeable in the field for providing and managing the process efficiently. Besides that, our billing and coding experts are experienced in managed care plans, Medicaid state plans, government funded programs, Medicare billing rules, as well as third-party insurance.
We have the right expertise in following and executing integrated best practices and industry-standard key performance metrics. This will enable you to obtain the best and desired results in Revenue Cycle Management. This will enhance your overall business operations by providing you with in-depth innovative solutions, which facilitates the effective resolve of revenue cycle management.
Relying on a good RCM medical billing provider enables the formation of a healthy and beneficial partnership with your hospital or medical institution by offering their technology, process, and people. Get in touch with us for more details on Revenue Cycle Management.