Optimizing Revenue Cycle Management: Key Practices for Increased Revenue
Discover essential practices and strategies for enhancing revenue cycle management to maximize revenue for your business. Learn how to streamline processes, improve cash flow, and optimize billing and collections for sustainable financial growth.
Revenue Cycle Management (RCM) is a crucial element in the financial health of any healthcare organization. It is the financial process that healthcare facilities use to track the revenue from patients, from their initial appointment or consultation to their final payment of balance. Efficient RCM can significantly increase a healthcare organization's profitability by reducing the time and effort spent on repetitive tasks, optimizing workflows, and accelerating the payment process. This article will explore key practices for optimizing RCM and increasing revenue, focusing on the brands Kareo, RXNT, Thoughtful, Veradigm, and AGS Health.
Kareo
Kareo Billing is a cloud-based, integrated practice management system designed to streamline your process and increase efficiency. It provides electronic charting, patient scheduling, billing, and reporting capabilities, helping you get paid faster with less effort. Kareo's easy-to-access analytics reporting and dashboard help you understand the financial health of your billing and avoid surprises. Features like end-to-end claim tracking, smart checks, automatic posting of electronic insurance payments, and easy electronic enrollments help you reduce your days in A/R, eliminate denials and rejections, and improve productivity.
RXNT
RXNT's Medical Billing and revenue cycle software directly impacts your financial success by streamlining the reimbursement process. It's customizable, affordable, and designed to reduce back-office workload and increase productivity. The software ensures billing accuracy, timely reimbursement, and provides comprehensive reporting capabilities. With RXNT, you can take on more clients, exceed providers' expectations for reimbursement, and focus on providing quality patient care.
Thoughtful
Thoughtful provides a comprehensive layer of automation and artificial intelligence that streamlines your entire RCM process. It optimizes front-end revenue cycle, ensuring faster collections, fewer denials, and maximized revenue. Features like real-time tracking of patient charges, automated billing, intelligent automation for denied claims and patient responsibility invoices, and auto reconciliation across various banks improve operational efficiency, accuracy, compliance, and visibility.
Veradigm
Veradigm Payerpath is an end-to-end revenue cycle management suite designed to improve revenue, streamline communications with payers and patients, and boost practice profitability. It ensures clean claim submission, compares performance against peers, and automates the billing and collections of patient responsibility. Its integrated solutions interface seamlessly with all major practice management (PM) systems, delivering a first-pass clean claims rate of over 98% and reaching a network of over 3100 payers.
AGS Health
AGS Health offers outsourced services to simplify your revenue cycle management processes. Many of the nation’s largest healthcare providers rely on AGS Health to ensure their claims are completed accurately and fully paid on time for maximum revenue and cash flow. Their team of over 7,000 coders and A/R specialists provide comprehensive training in specialty-specific areas and offer diligent coding compliance at all levels.
The key to optimizing revenue cycle management lies in leveraging technology and automation to streamline processes, reduce mundane tasks, improve accuracy, and accelerate the payment process. Brands like Kareo, RXNT, Thoughtful, Veradigm, and AGS Health provide robust solutions that enable healthcare organizations to increase efficiency and profitability. Ultimately, a high-performance revenue cycle allows healthcare providers to invest their full resources into what matters most: the care of their patients.
