The challenges involved in providing outstanding healthcare resources to members of your local community will naturally decrease when you take steps to lower the workload on your staff. This is particularly the case when it comes to cash flow and managing revenue cycle management tasks. Handling billing in-house may have been your best option when the medical practice was just being launched. However, as the years go by and your practice goes through changes, it’s prudent to consider outsourcing medical billing services.

The following excerpt is from an article found on Medium.com. It was written by Hannah Williams. ------------------------ Revenue cycle management (RCM) can be defined as the process of handling claims, processing payment and generating revenue in the healthcare industry. It begins just at the time when a patient makes an appointment and continues till the balance on his account becomes zero. It includes various steps like checking patient insurance eligibility and coding claims.

Efficient revenue cycle management is at the heart of your organization’s continuing success. Whether you use your own standalone RCM system at your facilities or you outsource this important task to a third party company via cloud computing, it pays to stay on top of emerging developments that pertain to the billing process.

The most successful medical practices don’t reach their position in the industry without paying close attention to all aspects of their revenue cycle. Of course, success is based on numerous factors and not just on the financial side of things at your organization. You may have assembled a group of highly dedicated medical professionals who are at the top of their game. You also have a large base of satisfied and loyal patients, many of whom also happen to refer new patients to you. What’s more, the demographics of the community you serve may even include many professionals with abundant resources and no problems paying their bills on time.

When your medical practice was in its early stages, the most logical solution was to handle all the medical billing on your end. As your practice picked up more patients and you added more professionals to the staff, billing would naturally become a much larger and more complicated set of tasks than you were initially prepared for.

The following excerpt is from an article found on Revcycleintelligence.com. It was written by Jacqueline DiChiara. -------------------- “If you’re bringing in a certain amount of revenue, you can’t have expenses that exceed that revenue. It seems very basic but people don’t look at it that way.” Money may be the root of all evil, but it is also the root of the healthcare industry.

Leading edge web-based medical billing software empowers medical organizations to personalize their billing and coding procedures to increase profitability, prevent errors and expedite claim reimbursements.

The medical billing and coding process is complex. Billing may take days, or months, to finalize when a patient presents with a significant medical history or complicated case. Coordinating internal practice work flow with external clearing houses and claim processing vendors demands continuous review even for routine care. There are ways to improve the billing and coding process, facilitating faster submission times and higher first-pass approval percentages.

A recent KLAS report provides interesting insight into how providers view their practice management revenue cycle efforts. The study, titled What's Happening Behind the Billing Office Door, showed there is still room for improving Revenue Cycle Management processes. Consider these four findings from the report.

Vetting Revenue Cycle Management Companies is almost as complex as managing the revenue of your practice yourself. Naturally, you want to find a company that utilizes certified technology approved by CMS and compatible with MU guidelines.