Key factors to consider while choosing a medical billing services company

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  Choosing a medical billing services company can be a game changer for a healthcare brand in terms of how they handle charges and claims and how quickly they can move from charges to reimbursements. However, there are so many third-party service providers in the market. How does one make the right choice? Here are some of the key factors to consider when it comes to picking a billing service provider for your needs. Experience One of the first things to consider while hiring a medical billing services company is their experience. The number of years they have been in service will tell you their ability to sustain in an extremely competitive field and make things work. Quality of workforce Just like how you see the number of years of existence of a medical billing services company also check the average work experience of their staff. If the average number of work experience of their staff is 2 years, it means they have a lot of new hires. However, if the average work experie
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The benefits of working with a patient-focused revenue cycle management company

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Revenue cycle management (RCM) remains one of the biggest struggles of healthcare practices. RCM is the process of handling revenues and includes managing, maintaining, and increasing the revenue stream for the business. A revenue cycle management company works on addressing the revenue challenges of healthcare practices and builds practices that streamline and maximize revenue generation.

 

There are several such RCM third-party service providers in the market. How does one choose the right brand to be associated with? Patient-focused revenue cycle management could be the answer.

 

A patient-focused revenue cycle management company does everything a traditional RCM company does. However, these RCM companies always set their end goals toward patient experience and patient satisfaction. 

 

This could mean the difference between a mediocre and an exceptionally great healthcare practice. 

 

The challenge with current RCM processes

The main challenge with current RCM processes is excessive and unintelligent automation. Automation has become an easy technology that any small revenue cycle management company can adapt to, even in the initial stages. 

 

Automation is not bad too. It helps improve speed and accuracy and helps bring down overall processing costs. However, automation, in an extremely front-end-focused industry like healthcare, can turn against the end consumers – the patients. 

 

Unintelligent automation gets monotonous and fails to adhere to specific patient needs and requirements. As a result, such RCM automation brings down patient experience and leads to more errors. 

 

What is a patient-focused revenue cycle management company?

A patient-focused revenue cycle management company knows that patients are the king in the healthcare industry. As a result, apart from managing revenues, such a company also focuses on using RCM processes to improve patient experience.

 

How is this done?

 

The following are ways a revenue cycle management company can become patient-centric.

1. Prevent redundant and repetitive patient data collection. Have steps in place to finish this process quickly and thoroughly

2. Capture charges accurately. A clean and transparent bill is the easiest way to improve patient trust.

3. Predict final patient-financial responsibility and have a ground team to talk to the patients in advance about this. This not only improves patient experience but also avoids delayed bill payments and uncontrollable write-offs.

4. Use intelligent automation. RCM experts also called this Artificial Intelligence (AI). AI can help customize the patient experience for individuals by knowing their medical history, understanding their needs, and identifying the service requirements.

5. Process claims quickly. The last thing patients need is to be contacted multiple times for pending payments or being denied services due to payment issues. Processing claims quickly and correctly will help prevent these.

6. Be transparent about pricing. This is one of the easiest ways to gain patient trust.

7. Optimize your revenues by predicting patient patterns, knowing the services that will be in demand in the coming months, and tweaking your staff accordingly. 

 

Takeaways

A patient-centric revenue cycle management company can not only optimize revenues but also help improve the patient pool and help create positive reviews in the industry. The ultimate aim of all RCM activities should be to satisfy the patients and bring them back to getting the service of the practice.

Read more: 

What are the different coding classifications used by medical coding services?

What are the everyday tasks of denial recovery service experts?

10 questions to ask a revenue cycle management company before choosing their services


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