Revenue Cycle Management

What Is Revenue Cycle Management?

Revenue cycle management in healthcare refers to the process in which revenue collection from patients is effectively managed. From patient eligibility verification, healthcare provider credentialing, and payment posting to account receivable management, claim denial management, and medical billing, there are various processes that come under RCM. In order to keep the cash flow healthy, practices must have an effective revenue cycle management system in place. However, if they don’t have the time or expertise then they can also consider hiring a top-rated revenue cycle management company like Medtech Providers.

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Why Revenue Cycle Management Is Important For Medical Practice?

Revenue cycle management (RCM) is a critical component of any healthcare business. It helps in overseeing all the processes and activities associated with revenue generation, from initial patient contact to final payment collection. Not just revenue cycle management helps in increasing revenue and managing cash flow but it also helps in making the quality of patient care better. Moreover, revenue cycle management helps in optimizing operational efficiency along with reduced costs and better compliance with healthcare regulations.

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Why Choose Medtech Providers for RCM Services?

Being one of the best revenue cycle management companies in the USA, Medtech Providers always strive to offer you RCM services that will help your healthcare business grow by leaps and bounds. No matter if you are a small practice or a large healthcare business, our revenue cycle management experts will help your practice in being efficient, organized, and profitable. From patient verification and physician credentialing to managing billing and claim denials, we offer you every RCM service that you need for your practice.

Benefits of Hiring MedTech Providers For Medical Billing Services

Saves you a lot of time and hassle

Instead of dealing with all the paperwork and phone calls yourself, you can simply hand everything over to our professionals. This frees up your time so that you can focus on other aspects of your practice.

No More Denied Claims

We understand the ins and outs of coding, insurance claims, and reimbursement procedures which means that you will get paid for the services you provide, and won’t have to deal with denied claims.

Improved Cash Flows

When claims are submitted in a timely and accurate manner, you will get paid more quickly. This can make a big difference in the financial cash flows of your practice.

Peace of Mind

When you have someone else handle the billing and coding for your practice, you can be sure that everything is being done correctly, allowing you to focus on providing quality care to your patients.

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To help you get medical billing levels, our qualified medical billing consultants offer excellent medical billing services. To eliminate any possibility of error or mistake, we handle end-to-end insurance verification in which we monitor the benefits and coverage provided by the insurance providers. Due to the incredible accuracy of our claim filings, medical practice and patient satisfaction have grown.

Our Comprehensive Process For Verifying Eligibility

To guarantee the confidentiality of any protected health information (PHI), the HIPAA Compliance Act was passed into law back in 1996. Because of this, American professional medical billing organizations must at all times adhere to HIPAA compliance. Because of this, a revenue cycle management company can only be relied upon if it complies with all HIPAA Act requirements.

MedTech Providers is a fully compliant HIPAA medical billing service company in the United States that offers practicing safe medical billing that complies with all privacy protection regulations. Throughout the medical billing process, we take precautions to keep the security of your Protected Health Information (PHI). It is one of the main reasons why medical practices feel at ease by outsourcing their medical billing to a reputable RCM billing business like MedTech Providers. We are one of the top provider of medical billing Solutions in all 50 US States, including California, New Jersey, Texas, Florida, Alaska, New York, and other states.

Account Receivable

Outstanding reimbursements are the reason why practices have issues in cash flow. Accounts receivable management helps practices in improving their cash flow by taking necessary measures to prevent overdue or non-payments.

Credentialing

Providing quality patient care is never easy. Medical credentialing help in verifying the qualifications and experience of medical professionals so that you can have the best qualified physicians and medical staff in your medical facility.

Denial Management

Managing insurance claims manually is a hectic task. Denial management helps practices in performing root cause analysis of claim denials and taking necessary measures to prevent the risk of future denials.

Billing and Coding

Medical billing and coding are the most critical processes in RCM. They enable practices to accurately track, manage, and document all of their patient records and facilitate the payment process between patients, providers, and insurance companies.

FAQs

What are the six stages of revenue cycle management?

The six stages of revenue cycle management are eligibility verification, account receivable, denial management, credentialing, medical billing, and practice management.

What should you look for in an RCM services provider?

There are 3 basic things that you need to check when hiring an RCM service provider. Its track record, the customer service that it offers, and how much it charges for the service.

How much do RCM services usually cost?

For individual doctors and physicians, RCM services usually cost around $300 to $500 while for medical practices and hospitals, the price starts from $1000 and can go up to $6000.

Which Company Offer The Best Revenue Cycle Management Services?

Medtech Providers is one of the best revenue cycle management services in the USA that offer full value for your money.

Call : +1 (631) 572-5131

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