What is the Revenue Cycle?
Before we get into the logistics behind our medical billing software, let’s go over what the revenue cycle management process entails. This will help you get a better understanding of how our technology can automate tedious, time-consuming RCM medical billing processes.
Charge capture: In this step, medical services are translated into billable charges.
Claim submission: Claims with billable fees are sent to insurance companies.
Coding: Diagnoses and procedures are assigned the appropriate code.
Patient collections: Patient balance is calculated based on outstanding balances after insurance is applied. Payments are then collected.
Preregistration: Preregistration information is gathered from the patient prior to their arrival at your practice. This info includes insurance coverage.
Registration: Subsequent patient info is collected during registration to create a medical record number. This step also ensures the patient meets regulatory, financial and clinical requirements.
Remittance processing: In this stage, payments are either applied or rejected.
With each cycle, your chances for error increase. These errors inconvenience your patients and prevent you from bringing in revenue for your practice. The extensive expertise and labor needed to carry out the process efficiently make software automation worth the cost. Revenue cycle management is the best way to ensure you get paid on time.
What is Revenue Cycle Management (RCM)?
RCM uses advanced medical billing software to track patient care sessions from registration and appointment scheduling to the final payment of a balance. This financial process is geared toward all healthcare facilities, but we specialize in these private practices specifically:
- Cardiology
- Orthopedics
- Gastroenterology
- Nephrology
- Neurology
- Obstetrics/Gynecology
- Pediatric Medicine
- Pulmonary Disease
- Sleep Medicine
- Surgery – General Surgery
- Surgery – Neurosurgery
- Surgery – Orthopedic Surgery
- Surgery – Cardiac Surgery
- Urology
- Multispecialty
With RCM medical billing, we’ll unify your administrative data (i.e. patient information), the treatments patients receive and patient healthcare data. We communicate with the insurance providers, so you don’t have to. No more waiting on hold or playing phone tag. We also handle electronic claims submissions, claims status, payment posting, re-filing of denied claims, appeals of denied claims, financial performance reporting, patient collections and more. For a full list of the services we offer, check out our Revenue Cycle Management page.
Why Hire an RCM Medical Coding Company?
One of the key perks of outsourcing your RCM medical billing is automation. Give your staff extra time to allocate toward more important to-dos. We can automate everything from administrative tasks to payment reminders. Our system is so advanced that we can even contact insurers with specific questions if a claim is denied the first time.
Investing in our RCM service is the smart choice, since you end up making back the cost from timely payments and sophisticated insight. Our tools can tell you why claims have been denied, so you can optimize for future transactions. The software also encourages healthcare employees to submit all information required for claims processing. That means no time wasted with revisions or resubmissions. Plus, providers are reimbursed appropriately for taking care of Medicare patients.
RCM systems have cognitive computing and robotic process automation that can match up medical codes with the correct patient in seconds. Increased accuracy means you have fewer denials to deal with!
Get Results with Advanced Medical Billing Solutions from Pulse
Pulse Revenue Cycle Management (PulseRCM) customers experience first time claim acceptance rates that average over 98%. Plus, PulseRCM clients realize an increase in their charges, a significant increase in receipts and fewer days in A/R. In addition to a renowned support team, our company has over 20 years of experience in the healthcare solutions industry. Pulse’s decades of operation have allowed us to fine-tune our system and fully understand the financial needs of private practices. Take our free RCM assessment and see how our RCM medical billing software can benefit your practice.
