Elements of Successful RCM

1. HIGH ACCURACY
Ensuring the highest levels of accuracy throughout the revenue cycle is
crucial because unless you know exactly what has been done, and what
is owed for the services, it can be next to impossible to collect everything
that is due. With highly accurate data, providers can better prepare
themselves to make improvements to their processes, and maintain
higher standards of compliance with regulations.
HIGH YIELD
A revenue cycle that features high yield is one that drives maximum
compliant reimbursement at all times. This will guarantee that providers
always will receive the highest total cash yield possible based on
the services that have been provided.
HIGH EFFICIENCY
A revenue cycle that costs more to maintain than it brings in is one that
will sink a provider in time. Guaranteeing higher efficiency often means
implementing a standardized methodology for billing, and follow-up
to confirm everything is done as efficiently as possible.
REVENUE CAPTURE
Effective revenue capture modules should feature rules engines
based on solid methodology that have proven track records of
improving overall revenue integrity for providers. Another important
aspect of the revenue capture module is the ability to give providers
highly accurate and insightful analytics they can use to
make improvements in their processes.
PHYSICIAN ADVISORY
With comprehensive physician advisory services built into the
revenue cycle management process, providers can draw from
resources that can help them understand and navigate the regulatory
environment successfully and efficiently. Having an effective physician
advisory module as part of the revenue cycle management process
can improve the overall efficiency of those processes and help
ensure that providers are in full compliance with all of the
necessary regulations that apply to them.
ELEMENTS OF A
SUCCESSFUL RCM PROCESS
The revenue cycle management process in the health care industry
involves many components. Because of that, every aspect must
operate efficiently and effectively. Here are some elements that
RCM processes must include to accomplish that goal.
PATIENT EXPERIENCE
Obtaining healthcare can be an extremely stressful experience
for most people, and the last thing they want to be subjected to while
worrying about their own health is a revenue cycle that doesn’t take
their personal experience into account. A highly effective revenue
cycle is one that incorporates extensive patient outreach
as part of the pre-registration process.
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