Why You Should Work With Revenue Cycle Companies?
What’s called to the procedure of managing claims processing, revenue generation and payment is revenue cycle management and there are countless of revenue cycle companies this particular service. In their service, it includes everything from collecting co-pay, determining the eligibility of patients, coding the claims, collecting payments, tracking claims and even doing follow ups on denied claims. It is without a doubt an integral part of office function and it is vital that the revenue cycle procedure is efficiently managed.
Because the focus is gradually shifting towards changes in reimbursement methodologies, increasing transparency and containing healthcare costs, financial pressures do increase as well on healthcare organizations in the upcoming days. As what stated in various surveys and research, it stated that revenue cycle companies have almost rejected 26 percent of all the claims submitted. The 40 percent of rejected claims aren’t submitted to CMS. As a result, this leads to the lost revenues for various healthcare organizations. Irrespective of how popular and good an organization is, constantly losing revenue will probably make a huge impact on their survivability.
On the other hand, by working with experienced revenue cycle companies, you can rest assure that they place appropriate RCM procedures which allows an organization to improve their bottom line while reducing their write-offs. Some common issues that are faced by organization in their RCM similar to poor communication between workers, untrained staff and incorrect workflow can be corrected easily in-house.
On the other hand, it can be overwhelming for other organizations to take on the responsibilities and duties of revenue cycle management. The good thing is that, there are many revenue cycle companies that can take over the responsibility and duty of managing the revenue cycle of your organization.
Choosing the appropriate revenue cycle management firm requires you to have thorough understanding of revenue cycle market and broad knowledge as well. Believe it or not, at 2014, revenue cycle market was valued at almost 18.3 billion dollars but by the end of 2019, it is expected to grow by 32.2 billion. This means that there will be more as well as better companies and products to meet your needs for revenue cycle management.
Following are few indicators that you should know and understand to properly make the most of this growth and these are building strategy to be focused on consumers, pharmacies become margin generators and key revenue, work towards eliminating the cost of collecting bills of patients, building a strategic partnership with RCM providers in order to reduce cost of operation and also, to cope up with tricky reimbursement rates and many more. Rest assure to find seasoned revenue cycle companies to be hired by learning about this.