Revenue cycle management (RCM) is a critical process in the US healthcare system that helps every healthcare provider to be paid for the services it provided. It encompasses the activities of a healthcare setup right from patient registration to payment reconciliation. Every healthcare facility needs an efficient RCM process to maintain its financial viability and […]
Is Collecting for Medical Services Rendered More Challenging Now?
Revenue cycle management is a complex process that seems to have become even more complex these days due to the challenging pandemic situation. In short, the revenue cycle management process consists of collecting patient information, treating them appropriately, submitting claims to insurance companies for getting timely reimbursements and collecting the remaining dues from patients, if […]
Things You Need to Know About Clinics and Their Management
Clinics are healthcare facilities that mainly focus on the care of outpatients and typically address the healthcare needs of the people in local areas. Clinics can be run by either general physicians or specialists in a particular field of medical science. Clinics have gained popularity among patients with minor ailments and where they need certain […]
Coding Compliance and Strategies to Improve Reimbursements
Compliance, i.e. acting according to established guidelines and specifications, with respect to the prevailing standards and regulations is vital for every business. So it is, for a healthcare facility in various aspects including medical coding and billing processes. Healthcare facilities must adhere to the various regulations designed to avoid and minimize the scope for fraud […]
What Is a Medical Claim and Its Importance?
A medical claim is a piece of document or a bill that healthcare providers submit to the insurance provider of a patient. This medical claim contains comprehensive data regarding the care and services provided to the patient in the form of unique medical codes. Such a medical claim generated by medical billing professionals serves as […]
Rational Ways to Get Faster Insurance Payments
Your healthcare facility’s financial health depends largely on the medical billing process that collects the money due to you. You can regularly assess your financial performance by checking the accounts receivable reports focusing on the number of claims over 120 days. To check if your revenue cycle management process is performing effectively, you need to […]
Understanding Few Medical Billing Terms
Health insurance, a product covering a person’s medical expenses, has become a necessity with mounting medical expenses that are too high to pay out of pocket. It has been observed that medical bills have become a major cause of consumer debt and associated financial problems for many people. Depending on an individual’s needs, one can […]
A Walk-through the Revenue Cycle Management In Healthcare Facilities
Revenue cycle management (RCM) is the management of finances, a crucial process that keeps an organization going on a daily basis. If facilities do not focus on their financials they would be scrambling no matter how excellent their patient care would be. In order to have an efficient revenue cycle, it is necessary to understand […]
Prevent Medical Billing Errors to Maintain Healthy Patient-Provider Relationship
A healthcare facility’s growth depends on the healthy patient-provider relationship that is dependent on the quality of services the facility provided to the patients. Healthcare facilities work hard in every department right from the physicians to the support staff to ensure that the patients have a positive experience with the facility and get great patient […]
Revenue Cycle Management in the Healthcare Industry
Hospitals, clinics, and small practices provide healthcare industry services that play a critical role in improving health and saving lives. Although providing healthcare is a service, healthcare providers cannot offer their services free of cost. Every healthcare organization has to develop and follow certain processes and uniform procedures to maintain their financial health and survive […]