Why You Should Work With Revenue Cycle Companies?
The process of managing claims processing, revenue generation and payment is called revenue cycle management and there are plenty of revenue cycle companies that are offering such service. In their service, it includes everything from collecting co-pay, determining the eligibility of patients, coding the claims, collecting payments, tracking claims and even doing follow ups on denied claims. Revenue cycle procedure should be efficiently managed as it is an integral part of any office functions.
Because the focus is gradually shifting towards changes in reimbursement methodologies, increasing transparency and containing healthcare costs, financial pressures do increase as well on healthcare organizations in the upcoming days. According to research and surveys, it showed that revenue cycle companies have almost rejected 26 percent of all the claims submitted. 40 percent of the rejected claims are then submitted to CMS. This as a result leads to lost revenues for various healthcare organizations. Well, irrespective of how popular and good an organization is, losing revenue on a regular basis will certainly affect the survivability of an organization.
On the other hand, by working with experienced revenue cycle companies, you can rest assure that they place appropriate RCM procedures which allows an organization to improve their bottom line while reducing their write-offs. Several problems that are commonly dealt with by organizations in their RCM include poor communication between workers, untrained staff and incorrect workflow which can be corrected simply in-house.
On the other hand, for other organizations the responsibilities and duties of revenue cycle management may be overwhelming. Well fortunately, there are a number of revenue cycle companies that are able to take over the whole responsibility and duty of managing the revenue cycle of your organization.
It is essential to have thorough understanding of revenue cycle market and broad knowledge as well to be able to find the right revenue cycle management firm. Believe it or not, at 2014, revenue cycle market was valued at almost 18.3 billion dollars but by the end of 2019, it is expected to grow by 32.2 billion. Meaning to say, there is going to be better companies and products to meet your needs for revenue cycle management.
Building strategy to be focused on consumers, pharmacies become margin generators and key revenue, work towards eliminating the cost of collecting bills of patients, building a strategic partnership with RCM providers in order to reduce cost of operation and also, to cope up with tricky reimbursement rates and many more are only some of the key factors that you should know and understand to make the most of this growth. As you learn about this, you can be certain to find good revenue cycle companies to be hired.