Revenue Cycle Management companies | XyberMed
Revenue Cycle Management:
The volatility of today's healthcare environment is testing revenue cycles more than ever. Rejections and bad debt are increasing due to new levels of regulation and growing patient responsibility for payment. Contract negotiations with payers include new challenges related to quality and outcomes. The transition to ICD-10 can put a great strain on your revenue cycle. Alternative payment models are now a business imperative.
An effective revenue cycle program must encompass much more than billing and collections; it must include coding, contract negotiation, physician engagement, quality, and the entire patient experience and continuity of care.
Revenue cycle management (RCM) is the process that manages claims processing, payment, and revenue generation. It involves the use of technology to track the claims process at every point in its life, so that the billing healthcare provider can follow the process and resolve any issues, allowing for a steady stream of revenue.
The process includes tracking claims in the system, making sure payments are collected, and addressing denied claims, which can cause up to 90% of lost revenue opportunities.
RCM encompasses everything from determining patient insurance eligibility and collecting co-payments to properly coding claims using ICD-10. Time management and efficiency are important elements in RCM, and a physician's or hospital's choice of an EMR can largely center on how their RCM is implemented.
Centric Healthcare Services' revenue cycle solutions extend the capabilities of your information systems to improve access management, accelerate cash collection and improve payer performance.
Our revenue cycle management services can help you to
Save time and resources
Align revenue cycle initiatives with overall strategic objectives
Improve cash collections and clean claims performance
Reduce denials and DNFB
Achieve sustainable net revenue results
Decrease days in accounts receivable
Reduce bad debt expenses
Compliance with medical billing rules and regulations
Monthly reporting and analysis
An effective revenue cycle program must encompass much more than billing and collections; it must include coding, contract negotiation, physician engagement, quality, and the entire patient experience and continuity of care.
Revenue cycle management (RCM) is the process that manages claims processing, payment, and revenue generation. It involves the use of technology to track the claims process at every point in its life, so that the billing healthcare provider can follow the process and resolve any issues, allowing for a steady stream of revenue.
The process includes tracking claims in the system, making sure payments are collected, and addressing denied claims, which can cause up to 90% of lost revenue opportunities.
RCM encompasses everything from determining patient insurance eligibility and collecting co-payments to properly coding claims using ICD-10. Time management and efficiency are important elements in RCM, and a physician's or hospital's choice of an EMR can largely center on how their RCM is implemented.
Centric Healthcare Services' revenue cycle solutions extend the capabilities of your information systems to improve access management, accelerate cash collection and improve payer performance.
Our revenue cycle management services can help you to
Save time and resources
Align revenue cycle initiatives with overall strategic objectives
Improve cash collections and clean claims performance
Reduce denials and DNFB
Achieve sustainable net revenue results
Decrease days in accounts receivable
Reduce bad debt expenses
Compliance with medical billing rules and regulations
Monthly reporting and analysis
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