Medical Office Revenue Cycle Management
The terms “medical billing” and “RCM” are used almost interchangeably, but before beginning our discussion, let’s consider the differences between the two.
Medical billing refers to the paperwork of filing medical claims for reimbursement, it may or may not include denial management. That depends on the billing company. RCM, on the other hand, covers the life of a patient account and includes reporting and analysis of the financial pipeline, reimbursement analysis, and patient financial services—all the necessary tasks required to get the bill through, beyond simply filling out and filing the paperwork.
Why Is RCM So Important?
Revenue Cycle Management keeps an organization moving and thriving. If inefficiencies in staff skillset or denials management occur any place along the cycle path, the practice may not be able to attain full payment for services rendered, negatively affecting the bottom line.
Many practices now understand that a cost-effective solution is to outsource the Revenue Cycle Management process, allowing a qualified company to manage the details full time so you can focus on providing quality healthcare to patients. This eliminates not only the space requirements for in-house RCM but the need to hire, train and provide ongoing education to staff.
Onpoint Medical Solutions Can Help
Onpoint specializes in Revenue Cycle Management or RCM. We know that RCM starts with staff training, workflow assessment and communication. Optimizing your revenue cycle requires a complete analysis of all processes. If one person isn’t doing their job correctly, completely, or consistently, it will affect the outcome of the entire team. In most cases, errors are the result of inadequate training and the lack of understanding about how one person’s job affects the entire outcome. The RCM solution doesn’t end with training and education. The cycle ends when the balance on the patient’s account is zero. Healthcare providers need to maintain a faster RCM cycle to stay solvent, maintain requisite cash flow, and keep revenue figures stable.
Reports and related analytics are many times overlooked or left to the practice to generate. However, Onpoint believes that reports and analysis are tools necessary for success. As part of Onpoint’s RCM services, reports, both standard and customized, are provided at no extra cost to the practice. These reports detail both charge and payment trends, encounter trends, denial information. We monitor charge capture to ensure that 100% of your charges are entered. Regular reporting with analytics allows the provider to effectively forecast the continued growth and profit of the practice.
We’d like to figure out how to remove your billing and revenue cycle management stress, increase your revenue, improve cash flow, and save you money all at the same time. Don’t wait – Contact Us today.