EHR systems integrated with revenue cycle management services can provide extensive benefits for medical practices.
Medical Coding Services is a specialized function within Revenue Cycle Management, playing a critical role in the financial health of healthcare practices. It bridges the gap between healthcare providers, patients, payers, and administrative staff, ensuring accurate billing, efficient coding, and timely reimbursement.
Patients are verified for eligibility before they visit the facility in real time. By doing this, a medical practice can reduce the risk of rejections or denied claims that can arise when it accepts solely the patient’s information.
A health facility processed a clean claim correctly and the payer reimbursed it on the first submission. It is important to determine the percentage of clean claims when assessing the effectiveness of a Revenue Cycle Management System. You can identify areas of weakness in the current system by monitoring trends. It saves time and reduces delays by automating the creation of claims with Get Credentialing Done LLC. We have a 96% clean claim rate at Get Credentialing Done LLC.
Physicians and managers use Key Performance Indicators (KPIs) to understand their revenue cycle strengths and weaknesses. They also help identify key success drivers and prioritize resources. Here are some of the KPIs of successful revenue cycle management for facilities that Get Credentialing Done LLC implements.
Delayed billing due to errors saps revenue and efficiency. Prioritize minimizing this gap in RCM evaluation.
Claim payment speed hinges on accuracy. Inefficient RCM delays reimbursement track data to improve internal processes and communication with slow-paying insurers.
RCM automates claims, enabling swift filing and early payment requests, maximizing collection success.
Low AR? Track collected/billed & days in AR (120+ hints at RCM issues).
Our billing reports enable you to assess the anticipated revenue.