If your healthcare facility is considering RCM integration, learning more about its systems and processes may help create a better understanding of its benefits—and how it can positively impact the overall patient experience.
Understanding Revenue Cycle Management
At healthcare facilities, there are a lot more business transactions beyond those exchanged directly between the patient and their provider. Revenue cycle management (RCM) refers to all of the systems and processes that relate to the financial aspect of patient care, from the initial patient appointment to insurance billing, payment collection, and more.
With revenue cycle management, processes like patient registration, billing, coding, claims processing, and collections are streamlined through automation and the use of outsourced experts. RCM integration directly affects patient satisfaction, healthcare outcomes, and facility profitability.
What is RCM Integration?
By integrating RCM systems and processes at your practice or facility, you can improve accuracy and efficiency while maintaining a more transparent process. RCM integration primarily works with electronic health records and practice management systems, but it also can integrate with telemedicine platforms and other IT systems created for labs, pharmaceuticals, and more. RCM integration is a way of bringing all of these IT systems together and working with the patient to create a smoother process from start to finish.
Why RCM Integration Matters
RCM integration is critical, especially for larger operations, because of the time commitment required to follow each patient from their initial appointment through the insurance claims process, billing, and more. RCM integration helps facilities get paid faster, resulting in financial solvency and operational efficiency. Additionally, patient satisfaction is higher with a solid RCM integration.
How RCM Affects Patients
In addition to the other benefits of RCM integration, including more productive internal processes and better payment rates, having RCM integration can improve the patient experience.
Easy Bill Collection
Happy patients will pay without much fuss, and payment rates improve when providers make it easy for them to do so. In a day and age when electronic payment forms dominate cash or even mailing a check, it is important that providers give their patients that ability. Make it easy for customers to pay their bills for a painless process.
Improve Billing Accuracy
In addition to making it easier for patients to pay, bills are often more accurate when processed through an RCM integration. Additionally, by tying in your billing system with the electronic health record, patients are given a transparent view of the billing process, leaving them with fewer questions, accurate billing, and an easy way to pay.
Better Communication
RCM integration helps with communication in a number of ways. Payment terms are clear and forthright, leaving patients with no surprise bills. Patients can find out when lab results are ready, if a provider has a message for them, and get access to other important messages regarding insurance. Additionally, if your practice offers telehealth, many processes, like scheduling an appointment, can be done without the hassle of waiting on hold or speaking with a scheduler because they can be done online.
Even if scheduling can’t be completed online, having a dedicated scheduler can improve the patient experience because they aren’t stuck on hold while lines are tied up with other business. Giving your patients access to people who can actually answer their questions regarding insurance, billing, and payments will improve their experience tenfold. Ultimately, RCM integration improves communication full circle, from the patient side and from the provider side.
Overall Experience
With clear communication, no billing surprises, and an easy way to pay, patients are going to have an overall better experience. Even if a patient likes their medical provider, if the support staff is overworked and unhappy, it will carry over to patients. If there are issues with billing, patients will be more apt to leave. Overall, the experience is better for the patient, and providers can improve collection rates and their practice profitability.
Why Choose RCM Integration
Not only do patients benefit from RCM integration, healthcare facilities do, too. Enjoy fewer stresses and better operations with RCM integration.
More Revenue
With better billing processes comes the collection of more revenue. Gone are the days of missed payments, poor collection rates, and insurance issues snarling up the payment process.
Efficient Processes
Not only does RCM integration create an opportunity for more revenue, but it also allows healthcare practices to run more efficient operations. With automation, human errors are eliminated, and your staff can work on more important tasks.
Navigate Insurance
When you work with a full-service RCM company, you can have access to experts who know the ins and outs of insurance. Don’t worry about having to constantly retrain staff with the newest changes to insurance. Let your RCM provider take care of that for you.
Finding the Right Company for RCM Integration
When looking for a company to implement RCM integration, it is important to fully vet the technology provider. Look for the following qualities when choosing an RCM provider.
Solutions for RCM Integration
Those wanting RCM integration should look for an end-to-end provider who can fully satisfy all of their practice’s needs. Eliminate gaps in service and have the integration tailored to their practice. Scalability is important, too, especially for growing practices. Talk to your RCM provider to see if they have any limits or can handle your needs now and in the future.
Advanced Tech to Handle it All
Technology is always changing, and it is imperative that the company you choose for RCM integration is on the forefront of it, especially in the healthcare industry. Choose a company that offers advanced technology, reporting, and metrics along with their integration.
Security
Just as technology is always changing, the digital security threats are as well. Don’t compromise patient data with a sub-par RCM integration. Having the best possible security systems in place to safeguard patient data, billing information, and more is an uncompromisable must-have.
Experience
Experience matters, especially when it comes to navigating the challenging landscape of medical billing and coding, healthcare processes, and more. Find a company that knows what they’re doing and that offers responsive and proactive customer service.
Choose Credence Global Solutions
If you’re ready to implement RCM integration to better your business and positively impact patient satisfaction, contact the experts at Credence Global Solutions to get started.
