Managing revenue is essential for any business to ensure that incoming cash is sufficient to pay for outgoing expenditures. Revenue cycle management (RCM) plays an important role in this, especially for hospital-based physician specialties, due to the complexities of billing and revenue collection. The right RCM solutions can help to ensure the success of your hospital-based service lines like; anesthesiology, radiology, emergency medicine, and hospital medicine.
Revenue cycle management (RCM) is the process of handling billing, payment processing, and revenue collection. A revenue cycle is a repeating process that begins with billing a customer and ends with collecting patient payments or writing off the bill. For some organizations, such as retail stores, this can be achieved instantaneously. In others, such as healthcare, it is a more complex process.
Hospital-based physician RCM involves the practices and tools that ensure that revenue cycles proceed smoothly and bring in as much revenue you are legally entitled to, in as timely a manner as possible. Through revenue cycle management, your hospital or medical practice can enjoy a more reliable foundation of incoming and predictable revenue as cash.
It probably comes as no surprise that RCM is critical to the lasting success of any healthcare organization. The revenue cycle for a health business includes the following steps:
RCM systems can minimize the number of errors, increase the likelihood of payment, and avoid aging accounts receivable. Additionally, it strives to increase claims efficiency while reconciling costs against revenues to optimize cash flow.
The reality of hospital-based physician specialty revenue is that the process from initial delivery to full payment is complex. At the very least, this often leads to a protracted delay between service provision and payment collection. In worse cases, it can result in mistakes, confusion, and unnecessary back-and-forth.
Therefore, implementing effective RCM is essential for all health systems. Each hospital service line has an RCM process. The question is whether they are thoughtful,well-implemented, and take the nuances of the specialty into account.
Furthermore, the amount of patient information involved in the revenue cycle means that any errors could have substantial legal (and, therefore, financial) ramifications. Again, implementing revenue cycle management to reduce the likelihood and severity of errors is an essential solution.
Outsourcing your hospital-based physician RCM to an experienced third-party provider can have significant benefits. These are a few of the most noteworthy advantages:
These benefits of excellent revenue control management (RCM) are all available through abeo. Our RCM managed business service could be what your health system needs.
abeo Management Corporation (abeo) serves as a leading source of revenue cycle management and practice management with a specialization in anesthesia. The company leverages its people, processes, and software to serve independent practices, surgery centers, hospitals and healthcare systems with a scope of services that include billing, coding, transcription, practice management, and business consulting.