Professional Revenue Cycle Management enables physicians to focus on what they do best—taking care of patients.
What is Revenue Cycle Management exactly?
Revenue Cycle Management represents a process that encompasses an intricate, interrelated series of tasks associated with claims processing and revenue generation.
The ultimate goal of revenue cycle management is to develop, implement, and oversee a process that delivers cash flow as quickly as possible, while also focusing on resolution of those claims that were not paid on “first pass.”
What are the steps associated with Revenue Cycle Management?
The steps involved in Revenue Cycle Management may differ slightly by medical specialty, but the general cycle includes:
- Charge Capture
- Coding
- Claims Submission
- Claims Management
- Payments
- Denials follow-up and management
- Reporting Quality Payment Program (MIPS) reporting
It makes sense, but what are the benefits of hiring a Revenue Cycle Management Company?
Having dependable, consistent revenue is the goal of every healthcare organization.
An in-house billing department may successfully support the group, but increasing overhead and maintaining top talent is an issue. Outsourcing to a revenue cycle management company can usually reduce costs while maintaining effectiveness.
Here are a few reasons why having a successful Revenue Cycle Management system in place is beneficial:
- Faster claims submission and cash flow turnaround
- Access to coding expertise and experience—so you get paid for the work you do
- Updated, technology and intelligent automation
- Depth in billing expertise and claims follow-up
Increase Productivity and Success with Revenue Cycle Technology
Technology is critical to radiology billing and practices struggle with the cost and expertise required to maintain a top-flight billing platform.
MSN Healthcare Solutions uses the leading medical billing system (Imagine) and has consistently invested in the IT talent and supporting software options to maximize the effectiveness of its staff.
Because of this:
- Staff utilizes efficient worklists to track and follow-up on both unpaid claims and denials
- Regular monthly reports provide data visualization that allows tracking of metrics, trends and variances. In addition, flexible custom reporting options support data-driven decision making.
- The Imagine technology enables an unprecedented level of transparency about the billing cycle, so MSN managers work with real-time information
- Clients practices have stronger compliance with federal and state regulations
Keep Up With Demand: Hire a Revenue Cycle Management Company
With the ever-changing healthcare environment, revenue cycle management is only getting more complex. MSN Healthcare Solutions offers the technology, experience and expertise to effectively ensure consistent, dependable cash flow. Contact us today!
