What Is Revenue Cycle Management & How Much Does It Cost?
Every year medical practices in the United States lose money due to problems like billing and coding errors and staffing shortages, ultimately leading to a lower collection rate. We know you and your staff are busy focusing on providing the best care for your patients, and the world of medical billing is complex and ever-changing. It can be a challenge to ensure that your practice is collecting the correct amount you should be earning.
This is why it pays to have an integrated revenue cycle management system managed by coding and billing experts who use the latest technology to help you maximize your earning potential. Utilizing an integrated medical billing system helps streamline your collections processes and provides insights into your Revenue Cycle Management so you can identify problem areas and improve.
What Is Revenue Cycle Management?
Revenue Cycle Management, or RCM for short, is a process that utilizes medical billing software to keep track of the entire patient experience starting from the initial registration to the actual payment of a bill after treatment has been provided, and analyses areas for improvement.
RCM provides a unified approach to managing collections’ administrative and clinical functions and identifies any problems in your billing cycle, such as a low collection rate. Furthermore, RCM assesses the key billing metrics to figure out just what is preventing your practice from maximizing its revenue potential.
Many practices are outsourcing their medical billing so that the entire process can be streamlined and properly managed using integrated software systems that help you get higher reimbursements and collections and minimize claim rejections.
How Much Does RCM Cost?
Our team at Derm Care Billing Consultants comprises billing specialists and certified medical coders who streamline your billing process and analyze your key medical billing and coding metrics so you can maximize your revenue potential.
The fees from our services are generated solely from insurance receipts and range from 5% to 10% of the insurance receipts we collect.
Through our integrated billing and coding software, we achieve a collection rate of 98% for our clients, which ultimately leads to cost savings in our client’s revenue cycle thanks to lower claims rejections and faster claims processing.
We only collect on insurance receipts, and our dermatology billing consultants focus solely on insurance collections.
We are proud to achieve such a high collection rate for our clients and always work to streamline their processes, improve their RCM, and make the complex medical billing world easier to navigate.
Why Outsource Your Medical Billing?
An integrated and automated billing system is designed to help you manage the entire patient experience, starting with patient registration, practice coding, and claim creation, review, and submission. We then correct and reprocess any rejected claims and deal with denial management. We manage accounts receivable and follow-up, handle patient statements, and make collections.
And as part of our RCM, we provide monthly/quarterly review, reporting, and analysis consulting to identify any problems in your billing cycle. Our people, processes, and automated systems work together to improve your performance and ultimately give you better financial results. Contact Derm Care Billing Consultants to start maximizing your financial results today!
