End to End Medical Billing and Revenue Cycle Management Solutions
Revenue Cycle Management (RCM) is also referred as the lifeline of any medical practice. Many physicians sometimes mistakenly find a Revenue Cycle Management Company similar to Practice medical billing company. RCM medical billing is more extensive than medical billing which involves coding and billing, denial management, claim processing, patient payments, and revenue generation.
End to end revenue cycle solutions for an increased revenue stream involves time management and the practice workflow that starts at the time of registration. Here, eligibility for patient’s insurance policy is ascertained, co-pays are collected, and finally, medical bills are submitted on time for the claim processing by using correct ICD-10 coding.
An efficient RCM medical billing system is a crucial benchmark for RCM success. This can be further accomplished by carrying out an appropriate Practice Management system or hiring a reliable outsourcing Revenue Cycle Management Company.
Workflow of End to End Revenue Cycle Solutions
- Scheduling of Patient’s Appointment and Eligibility Verification
The moment a patient make an appointment, the process of RCM medical billing begins. When a new patient visits the office, it is essential for the front-desk staff to collect and verify accurate patient’s demographic and insurance information. Also, it is crucial for the front-desk staff to be equally skilled and qualified in dealing with the new and returning patients effectively. Your claims may be rejected right away in case of even any minor error. Always ask for any change in information, in case of a returning patient and also remind them of their any past pending-payments.
- Complete and Compliant Clinical documentation
Clinical documentation of every patient should be complete as per the CMS guidelines and compliant with ICD-10 coding standards for daily decision making.
- Submitting complete Superbill from A Provider
The Superbill contains the bills of overall diagnosis and procedures performed on the patient, presented with correct ICD and CPT codes. Submitting a Superbill is the most crucial phase of the RCM medical billing workflow. Physicians can only get paid for their services provided with the accurate information in the Superbill.
- Patient payment and Copays collected
In a routine practice, Copays are obtained by front-office staff during a registration process. But, in case of emergency situation or peak rush- hour, patients may be asked to pay before leaving the practice.
- Billing and Coding
A CMS certified Practice Management System can enable a physician’s practice to code with ICD-10. That’s why the hiring of professional coders can enable healthcare practices not only in managing the complex nature of the codes but also ensure quick claim processing on a single submission.
An accurate claim creation is the most critical phase of the RCM medical billing workflow. The revenue of end to end revenue cycle solutions depends on the acceptance of the submitted claims. So, it is essential that the claims have error-free details and is also submitted on time.
- Processing of Claim
In the recent times, providers have to face a huge revenue loss in their practice due to claim denial or delayed reimbursements. Therefore, to avoid such a serious concern all front desk officials, coders & billers, and clinical staff should be more vigilant to provide accurate details during a claim submission.
- Receiving of Payment
The RCM medical billing workflow completes whenever the providers receive their payments for all services. Denied claims are generally informed through ERAs. In such condition, the cycle of claims processing will start to use your considerable time and resources.
Bikham is the leading healthcare Revenue Cycle Management Company in India that primarily focuses on offering End to end revenue cycle solutions and RCM medical billing services. With our innovation and technology-driven services, we offer exceptional RCM medical billing solutions to our clients. We have successively maintained a proven track record of high performance and efficiency since past more than 13 years.
Benefits of choosing Bikham as your preferred Revenue Cycle Management Company:
- Strict adherence to industry ¬specific guidelines
- Delivering high-quality end-to-end revenue cycle solutions
- Ensure faster payment processing, zero delays, and minimum denials.
- Managing aged AR clean-ups and bad debt reduction
- Allow healthcare practitioners to focus on their business or practice.