According to a report by Advisory Board, hospitals are losing up to $22 million annually due to a lack of adequate and accurate revenue cycle management (RCM). The Advisory Board reported that hospitals have recently experienced higher profits, their focus on the cost of RCM rather than improving RCM performance has resulted in them missing out on millions of dollars. Although hospitals may believe that spending less on RCM will result in higher income, investing time and effort into improving their RCM process can lead to top-quartile revenue.
BellMedEx Solutions provides global customers with high-quality and cost-effective RCM solutions. We are one of the best RCM companies that can assist you in collecting payments on submitted claims, increasing revenue from underpaid claims, and pursuing quick settlements with insurance companies. We can also help you with your revenue cycle management system, including coding and completing patient registration and eligibility verification.
As simple as it may seem, human error is a significant reason hospitals lose so much money and time when submitting patient claims to insurance companies.
Accurate Medical Coding and Billing
The importance of accurate medical coding and billing cannot be overstated. Even though minor clerical errors, such as a few denied claims, may not appear significant, many add up and reduce a provider’s revenue. Accurate medical coding and billing practices will reduce the number of denied claims and ensure that your hospital receives the fastest possible reimbursement, resulting in increased revenue.
Hospitals haven’t taken the task of improving their RCM lightly because it has the potential to earn much more annual revenue. They need to work with the most efficient RCM companies who can help them meet and exceed their revenue targets by accurately coding medical records. BellMedEx Health Solutions assists your hospital in improving its medical billing and coding procedures.
Are you having trouble achieving a better administrative experience and generating more revenue? Is your company lacking qualified personnel to manage your revenue cycle management (RCM) service’s needs? Then outsourcing to Top RCM companies would be the best option for your company.
The RCM Process and its Management
By examining and improving an organization’s revenue cycle management (RCM) core operations systems, the RCM companies begin to manage the RCM process rather than allowing claims to impact the provider’s financial viability negatively.
Early detection of pre-registration issues may aid in identifying eligibility issues and preventing initial claim rejection, while RCM software implementation may aid in ensuring timely reimbursement.
Revenue Cycle Management’s Overall goal
Patients can benefit from Hospital revenue cycle management companies, which aiming to maximize a healthcare facility’s profits.
Improving communication between the healthcare provider and the patient is essential to a successful RCM strategy. The healthcare industry’s perspectives are shifting, and price transparency is now more critical than ever. A facility can help retain patients and strengthen relationships by informing patients about costs ahead of time. There will be no unpleasant surprises, and patients can make financial arrangements or request assistance.
RCM Companies’ Solutions to Increase Revenue
RCM has a significant impact on how your hospital or medical practice operates. The rising cost of some RCM companies, combined with the strict regulations that change regularly, has made day-to-day operations a time-consuming for healthcare providers. To stay financially secure, a new-age healthcare provider needs policies and practices. You can see a visible impact on your day-to-day operations with our customized revenue cycle analytics services while benefiting from improved customer satisfaction, claims submission and returns.
RCM companies provide comprehensive medical revenue cycle management services that will meet your needs, whether you are a healthcare provider or an individual physician. Among the many RCM services we offer in the healthcare industry are:
Services for Healthcare
Our years of experience and expertise provide clients with accurate and high-quality healthcare collection services. We aim to deliver top-notch RCM services using the most up-to-date tools and technologies.
Payment Posting Services
Our RCM services ensure that all payments are posted quickly and accurately into your billing system. We also audit all posted payments regularly, which helps to reduce errors.
Services for Denial Management
Denials of insurance claims are a significant source of frustration for healthcare providers worldwide. Top RCM companies assist you with analyzing, correcting, and resubmitting denied claims. Identifying denials using revenue coding and CPT/HCPCS codes is part of this process. The denials are then investigated, and a detailed denial management report is generated. This procedure of RCM companies aids in the effective management of claim denials.
Also Read: How to optimize the denial management process.
Follow-up on Accounts Receivable
We manage all discrepancies that result in delayed or denied receivables. To ensure that healthcare providers are paid on time, RCM companies’ AR professionals work to identify issues and follow up on any shortcomings.
Top RCM AR experts have the knowledge and experience to track down and resolve payment delays. We locate the unpaid dues causing a bottleneck in your RCM system and track down delinquent patient accounts. We make it a point to engage patients courteously, make them feel at ease, and encourage them to pay their bills on time.
Verification of Insurance Eligibility
Because it is a resource-intensive task, determining the patients’ eligibility can take time. RCM companies’ trained professionals will check all medical documents, verify patient coverage, and follow up with patients if there are any gaps in the supporting documents to save time. The final report will be filed in order to expedite the process.
Processing of Medical Claims
Top RCM companies can manage both electronic and paper claim submissions. As part of our RCM Management services, our experienced team prepares the Explanation of Benefits (EOBs) and submits the claims to the insurance company.
Receivables Management Services
RCM companies assist you in identifying patient accounts that need to be followed up on and taking the necessary steps to collect unpaid or underpaid claims. Among the services we provide are:
- Analysis of accounts receivable
- Identifying the reasons for claim denials
- Follow-up on unresolved claims
We can also prepare monthly reports to assist you in managing your cash flow and increasing profits. As a result, we offer a variety of hospital revenue cycle outsourcing solutions to help you improve operational efficiency and save time.
Medical Claims and Encounters
We assist clients in submitting encounter data to the appropriate agencies as one of the top RCM companies. Our HIPAA-compliant experience processing services manage end-to-end testing and certification.
We have the necessary expertise to provide high-end revenue improvement services and assist you in eliminating manual or traditional back-end function management.
Quality Reporting Services (MIPS)
RCM companies have the skills and experience to provide high-quality, error-free MIPS quality reporting services to our clients. We use the most up-to-date MIPS quality reporting software and tools to deliver top-notch services to clients.
Diligence Services in Healthcare
Top RCM companies offer a full range of healthcare diligence services to assist businesses in gaining valuable information about healthcare supply chains. Financial, legal, and regulatory diligence are just a few of our services.
Patients’ Financial Clearance
RCM companies provide patient clearance services, assisting small, medium, and large healthcare organizations in increasing upfront revenue and providing a more seamless and practical patient experience. To help patients understand their responsibilities, we use the latest technology and predictive analytics capabilities to simplify the prior authorization and eligibility verification process.
BellMedEx Medical Billing Solutions offer coding, billing, and auditing services to healthcare organizations all over the United States. Our unwavering commitment to assisting you in achieving your revenue goals, highly trained team of medical coders, and comprehensive suite of healthcare support services are helpful to achieve your targeted goals.
We prioritize quality and can guarantee 95 percent or higher accuracy in all of our coding projects. With our 24-hour turnaround, additional holiday and weekend coverage available upon request, we never stop working to save you money. Hospitals of all sizes, physician offices, and many more are among our satisfied customers. Because BellMedEx comprehensive services are streamlined and well-tested. We assure you that your hospital is in good hands. We are dedicated to generating as much revenue as possible for you.
Don’t let revenue slip through your fingers; fill out our contact form to learn more about how we can help you save millions!