Importance of Revenue Cycle Management
Today’s healthcare providers strive to keep operational costs low while also aiming to provide high-quality patient care.
In order to do this, it is essential the practice receive payments from patients and insurance companies in a timely manner to maintain profits. This means the revenue cycle must be managed effectively.
Revenue cycle management (RCM) is known as the process of handling claims, processing payment and generating revenue in the healthcare industry. This process starts when a patient schedules an appointment and continues until the account is balanced. Also included in RCM are various steps such as coding claims and checking insurance eligibility.
Some of the benefits of RCM include:
Increased average % of claims paid after 1st submission
Increased average % of current claims (0-60 Days)
Reduced denial rate
Improved net revenue to the practice
Higher percentage of clean claims
Reduced outstanding accounts receivables
Faster claims payment
Less lost claims
Improved quality of care by having more time for patient care issues
Correct patient information available and less stress to your staff
For some healthcare providers, the responsibilities of RCM can become overwhelming and interfere with other administrative duties. Having a revenue cycle management partner like East Meadow Management Group can help healthcare practices run more efficiently, and in turn provide greater medical services to those who need it the most.
At EMMG, we focus on collections, so you can focus on patients.
With over 20 years of medical billing experience, EMMG will boost your revenue collections and improve your bottom line. We have the ability to integrate with most EHR systems including ADS, ECW, Practice Fusion & more. Customizable reporting packages structured to your needs allow you to quickly review the health of your business and get back to seeing more patients.
We’ve got you covered - by using our robust, repeatable process and leveraging the expertise built over 25 years of serving practices like yours - we handle every aspect of your revenue cycle. From scheduling the appointment, through collections, to in-depth reporting that satisfies internal/3rd party requests.
For more information on our unique services and packages click here or give us a call at 516-338-5300. Our dedicated team will be happy to answer any questions you may have.