Revenue Cycle Management
Do you feel like your medical practice is leaving money on the table? Revenue cycle management (RCM) is essential to ensure that doesn’t happen.
But what is RCM? Revenue cycle management software is a system that manages and automates many of the tasks involved in a patient’s financial journey from start to finish.
At its core, RCM software is designed to do three things:
- Improve your organization’s cash flow
- Make it easier to manage payer reimbursement
- Help you get a clear picture of your practice’s financial health
With the right RCM solution in place, your medical practice will be able to run more efficiently and effectively. You’ll be able to get paid faster, manage your costs more effectively, and make better decisions about your business.
Accumedic revenue cycle management is a comprehensive solution that automates many tasks in managing a patient’s payment experience. With Accumedic, you’ll be able to improve your practice’s cash flow, get a clear picture of your financial health, and make better decisions about your business.
What Is Revenue Cycle Management?
Revenue cycle management (RCM) is the financial process using medical billing software (that healthcare facilities use) to track patient care events from start to finish and ensure claims are paid correctly.
RCM aims to optimize practice cash flow by reducing the time between services being rendered and when patient payments are received. To do so, healthcare providers must track data and submit clean claims promptly while also following up on unpaid claims. A proper revenue cycle management software is designed to automate and streamline these tasks.
Common Revenue Cycle Management Tasks
Revenue cycle management encompasses several of the following tasks.
Scheduling Appointments — Scheduling appointments is one of the most important aspects of revenue cycle management. When appointments are scheduled efficiently and accurately, it can help reduce no-shows, improve patient satisfaction, and increase practice efficiency. There are several factors to consider when scheduling appointments, such as healthcare provider availability, patient demand, and office hours.
Checking Patients in and Out — When patients arrive for their appointments, RCM software helps to check them in quickly and efficiently. This includes scanning their health insurance cards and verifying that their information is up to date.
Filing Insurance Claims — Filing insurance claims is one of the most important aspects of healthcare revenue cycle management. When patients receive care, those health insurance companies are billed for that care. The claims must be filed correctly and promptly so that the patients do not have to pay any out-of-pocket expenses.
Revenue cycle management software helps healthcare providers file claims quickly and accurately. The software automatically updates patient information and verifies insurance coverage. This ensures that the claims are filed correctly and on time. As a result, patients receive the care they need without worrying about billing and payments.
Verifying Patient Eligibility — The other important aspect of healthcare revenue cycle management is verifying patient eligibility. This ensures that patients receive the necessary care without any delays or complications.
Revenue cycle management software helps to authenticate patient eligibility quickly and efficiently. The software automatically updates patient information and confirms active insurance coverage. This ensures that the claims are filed correctly and promptly. As a result, patient care is given expediently without them worrying about the medical billing process and payment.
Billing Patients and Collecting Payments — Revenue cycle management is essential for any and all healthcare organizations. It encompasses all aspects of billing patients and collecting payments, from creating invoices to issuing refunds. This process can be complex, but a good RCM system can simplify it.
- Managing Denials — Revenue cycle management is a critical part of any healthcare organization but managing denials can be especially challenging. Denials can significantly impact your organization’s bottom line, so it’s important to take steps to minimize them. RCM software can help you track and manage denials, quickly and easily identifying patterns and taking corrective action.
Submitting Claims to Payers — The healthcare revenue cycle management process is critical for ensuring that your practice is paid for its medical services. The first step in this process is submitting claims to payers. This can be a time-consuming and complex process, so it is important to partner with a company specializing in RCM software.
AccuMed™ RCM – Complete Revenue Cycle Management
Our people, our technology, and your partnership culminate in a comprehensive revenue cycle management service that provides you full insight into your agency’s financial health. AccuMed RCM combines industry expertise and sophisticated technology that focuses on maximizing your revenue. Our dedicated teams of trained industry experts will integrate with your agency to form a valuable partnership. As a result, your agency will be able to reduce operational and administrative costs while freeing up these already taxed resources for other tasks. Your AccuMed RCM team is further complimented by our sophisticated electronic health record and practice management technologies that comes with a 40-year proven track record for success.
Advanced Revenue Cycle Management
- Custom analytics dashboards.
- Real-time financial reporting.
- Automated Insurance eligibility verification.
- Claims scrubbing/editing and submission.
- Remittance, and accounts receivable management.
- Automated eligibility tools constantly verify client information.
- Seamless integration with AccuMed™ EHR.
Reasons To Use Revenue Cycle Management Software
If you are not using revenue cycle management software, you may wonder if it is right for your organization. Revenue cycle management software can save you time and money while also improving patient satisfaction. Here are just a few of the many reasons to use revenue cycle management software.
Time is money, and RCM software can save you both. Revenue cycle management automates many tasks, including claims processing and patient payments. This automation can free your staff to focus on other tasks, such as patient care.
In any revenue cycle management process, accuracy is key. RCM software can help you achieve the precision you need to avoid delays and denials that can cost your organization money.
When it comes to running a business, every little bit counts. RCM software can help you save on paper costs, postage, and other related expenses. In addition, it can help you avoid late fees and other penalties. A good case can be made that the automation and accuracy of revenue cycle management software can even save on administrative costs.
Patient satisfaction is what every organization aims for with its revenue cycle management. From the first time a patient contacts your office to schedule an appointment to when they receive their bill in the mail, they should have a positive experience. RCM can help you consider every patient touchpoint to ensure they get the best possible care and client experience.
Making it easy for your revenue cycle management team to do their job can greatly impact your organization’s bottom line. RCM software can help you streamline your processes to make them more efficient. This means your staff can work more quickly and effectively, making getting paid for your services easier.
Revenue cycle management software is a critical tool for any healthcare organization. It can save you time and money while also improving patient satisfaction. If you are not using this software, now is the time to consider it. Accumedic offers RCM software that is tailored to your specific needs so you can get started today.
Financial Analytics – Evaluate Performance Metrics
Track your entire revenue cycle with the custom analytics dashboards in AccuMed™ RCM. You can set up performance indicators and custom alerts, to accurately measure and monitor any aspect of your financial process. Quickly access data and trending analyses to identify possible workflow issues and keep your revenue cycle at peak performance.
Aged A/R Analysis — What are your current accounts receivable balances? Is the majority collected within 0-60 days?
Total Collections — How much do you generate in total collections by clinic and program?
Net Collection Ratio — What percentage of money do you collect against the amount you are allowance?
Adjustments/Write-offs — What are your current insurance adjustments?
Eliminate the concerns of managing and training medical billing staff, get the tools to effectively monitor and manage your entire billing process with ease. Engage with experienced billing professionals with decades long industry knowledge of the procedures, regulations and ongoing changes in behavioral health care. Gain a team of dedicated healthcare revenue cycle management professionals who are invested in prioritizing your business by concentrating on:
Maximize revenue for services provided.
Reduce claim life-cycle, accelerate cash flow.
RCM Services for Behavioral Healthcare Agencies
AccuMed ™ RCM is a comprehensive medical billing service that partners with health and human service agencies to help reduce costs, optimize workflow and improve the bottom line.
Mental Health Services
- Intellectual/Developmental Disabilities
- Primary Care Medical Services
- Home Community Based Services
Opioid Treatment Centers
Why Choose Accumedic Revenue Cycle Management Software?
This is always the question that potential customers want to know about when they are considering a new product or service. Why should they choose your RCM software over the competition? Here are some key reasons to consider Accumedic RCM software for your business:
Our software is specifically designed to handle the complexities of behavioral health billing, including:
- Health Insurance Verification
- Claims Management
- Payment Posting
- Account Reception
With our RCM software, you can streamline your processes and get paid faster. We offer a comprehensive suite of features to help you manage your behavioral health practice more efficiently.
Contact Us Today and See How Accumedic’s Revenue Cycle Management Software Can Work for You
Our Behavioral Health Revenue Cycle Management (RCM) solution and dedicated staff are fully prepared to meet all your billing and collection needs, or any revenue cycle management challenges. If you are interested in learning more about our revenue cycle management software solutions, we invite you to contact us today. One of our RCM experts will be happy to answer any questions and help you find the right solution for your organization.