Revenue Cycle Management
Revenue Cycle Management is the financial process that healthcare systems use, and it uses RCM software to perform the revenue functionality effectively. It combines the payment collections and EHRs into a single and straightforward source. HPA focuses on the quality of care provided to the patient while managing the finances by maintaining the healthcare revenue management. We start with the patient’s registration, cover scheduled appointments, and extend up to the final balance payment of medical bills. It allows managing everything from pre-registration to creating the submission of claims using ICD-codes. It also enables the complete charge that translates documents into billable fees.
Following are the significant benefits that RCM offers:
Time Saving
RCM saves time by rationalizing the finances of the medical practices and allowing HPA professionals to pay their full attention to patient care.
Improve cash flow
The RCM accumulates the money by boosting the success rate of every claim, minimizing the frequency of denial claims, and improving the overall collection.
Flawless billing and claiming
Healthcare revenue cycle management emphasizes front-end tasks by reducing errors made in the beginning and carried out throughout the end, otherwise striking the success rates of claims reimbursements.
HPA offers professional revenue cycle management services by working on exact and accurate figures with no lapse. They perform the following primary operations with the use of RCM:
Pre-Authorization
Healthcare providers require furnished approval from the insurance company before delivering their services to the patients to qualify for payment coverage.
Denial Management:
To manage and minimize the denials, the HPA professionals submit clean claims and work on the unpaid claims to increase collection for practices.
Originating Patient Statements
Statement reports send after going through verification and cross-checking. It ensures only the statements sent out and increases the reimbursement from the patient’s bucket.
Track Patient's Life Cycle
Documenting and following the patient’s life cycle starts from the registration process, after that appointment scheduling, and ends with the final balance payment and the payment posting.
