The term “revenue cycle,” is commonly heard, especially in the healthcare industry, but what is the revenue cycle? The revenue cycle is defined as the process by which a healthcare organization attains funds from the patient or payer and allocates those funds to provide quality patient care. This cycle begins from the very first patient interaction all the way to the end when payment is finally collected.
Revenue cycle management is an umbrella term so to speak because it encompasses several facets including medical coding, medical claims, and the electronic health record (EHR). Despite revenue cycle management covering a vast number of things there is one collective goal, leading your healthcare organization towards financial growth. Which is why when you outsource you will start to see improvements in your revenue cycle almost instantly. Nonetheless, choosing to outsource can be a frightening leap if you don’t know exactly what and how it can improve your revenue cycle.
Minimize Denied Claims
In the world of healthcare, denied claims are the villain and the reality is they’re not going anywhere. But you can greatly reduce the amount of denied claims when you outsource. When you outsource, you have an expert team at your side that comes with years of experience regarding claims and claims management. There is no need to have your staff consumed with fixing, appealing, and following up on the claim. By minimizing overall denied claims you will save money and increase your revenue at the same time.
Get a Clearer Picture of Your Revenue Cycle
Even with the best RCM strategies there will be more than a handful of times where something goes awry. When you outsource it allows you to pinpoint exactly what, where, and how it went wrong when it comes to your revenue cycle. At Credence Global Solutions we offer a user-friendly dashboard with a full data analysis and reports on your revenue cycle so you can finally see for yourself where your faults and strengths lie.
Cut Down on Time and Money Spent on Training Staff
In-house staff are one of the biggest expenses, if not the biggest expense. Taking the extra time to train your staff on all things medical billing and coding is more expensive than if you were to outsource in the first place. Outsourcing supplies a team that is experienced in properly coding and is constantly staying up to date on the ever-changing regulations. At the same time outsourcing reduces your expenses and provides your staff with more time, and we all know time is money.
Easier Payment Options
Every patient is unique, and a one size fits all approach does not work when it comes to providing patient care. Therefore your patient payment solution shouldn’t be either. When you partner with Credence Global Solutions your patients can easily and quickly pay their bill online with just one click. Should they choose not to pay the full bill immediately our patient payment program offers an array of finance plans. Here at Credence Global Solutions, you’ll never have to track down a patient payment again and on top of that you will receive exceptional revenue cycle management.
