As a healthcare provider you are delivering an important service to the residents of the surrounding area, but you still must pay your bills. While patients are undergoing triage, being treated and returning for follow-up sessions, it is important to ensure payments are being collected. Whatever system you are currently using, additional RCM solutions are at your disposal, too. Professionals are ready to listen to your concerns and to provide feedback.
Here are three elements involved in healthcare revenue cycle management.
Accounts Receivable
Many healthcare providers keep the operations afloat by extending credit to patients, especially in emergency cases. It is very common for medical services to be rendered first. Then, payment is collected within the following 30 days. Extending this credit to patients and ensuring payment is received within the agreed upon time frame is a responsibility that falls into the hands of your accounts receivable department. It is very easy for this department to become overwhelmed, so software solutions have been developed to help.
Credit Balance Resolution
The changes that have been made to the healthcare industry have led providers to bill insurance companies more often for services rendered. As your accounting staff reconciles the balance sheet, they may find that there is a credit balance. Whether it was caused by a coding mistake or a service was over-billed, it must be fixed in a timely manner. If not, it could lead to compliance issues that result in severe penalties.
Denial Management
Human error can also lead to insurance companies denying your claims. Software solutions help prevent this so that your facility can receive payments in a timely manner. Managing denials leads to improved efficiency and cuts costs that are unnecessary.
To inquire about RCM solutions, contact GeBBS Healthcare Solutions. A customized software option awaits.
