Revenue cycle management (RCM) in healthcare means a streamlined process of billing and payment collections. To achieve revenue targets, and optimized revenue cycle must feature seamless payment claim processing, medical coding, charge capture, payment posting, explanation of benefits (EOB) reconciliation, denial management and account receivable services. The revenue cycle workflow starts from the patient’s billing …
Revenue cycle management for healthcare providers was considered as optimization of clinical processes and enhancing administrative productivity. The approach is more focused on improving those core functions that collectively contribute to maximizing collections and improving the revenue gains. However, the current market trend in healthcare is more patient-centered and is inclined towards creating a uniform …
What is revenue cycle management means for physician credentialing practices? The revenue cycle for a physician practice means tracking payments and revenue collection from patients. It starts with registration and scheduling of patients, proceeds to insurance verification, co-pay collection, handling health records, coding of clinical procedures performed, charge entry, claim scrubbing and submission, payment posting, …
The healthcare industry is one of the most rapidly changing industries in the world. Challenges, such as rising costs, value-based care delivery, payment reforms, data security and transformation to smart healthcare technologies have engaged healthcare professionals in recent times and there is more to come in 2020. Technology is transforming healthcare at a faster pace, …
In medical practices, one of the most demanding and time-consuming tasks is medical billing. Many independent practitioners or physicians often have confusion about whether to keep the billing operations in-house or to outsource the billing procedures? The answer to this is not fixed and depends upon several factors including the size of the business and …
New medical practices are more focused on improving the patient flow with strategies that are patient-centered and by engaging skilled resources that can remove bottlenecks and streamline the patient flow. Increased and steady patient flow is a must to ensure that the medical practice is performing well and patients keep coming back for follow-up treatment …
In the current health care system, it has become very important for the physician practices to ensure smooth and timely returns for the services they provide. Due to increased expenses and falling collections, providers are now more concerned about billing and revenue targets. According to a survey, a large percentage of physicians (91%) prefer outsourcing …
By the end of every year, when most of the organizations compile year-end reports and try to encapsulate the overall performance, gains, and setbacks. It is also time to look forward and anticipate what is coming and preparing organizations to get ready for the new requirements. Healthcare has remained a focus of entrepreneurs, policymakers, technologists …
The global blockchain technology market in the healthcare industry is expected to reach $500 million by 2022, according to a report from Frost & Sullivan. Blockchain is a promising technology that is disrupting various industries and is making waves in healthcare as well. Healthcare data is piling up with every passing day, as there are wearable and …
Telehealth is adding new venues of care and is the future of healthcare. According to a study by Global Market Insights, the global market of Telehealth will expand to $130.5 billion by 2025. Telehealth has opened new opportunities in the healthcare arena and is considered especially useful for the residents of rural areas who would …