What Is Revenue Cycle Management?
The primary goal of RCM is to identify and resolve financial issues and prevent negative cash flow. With a tight-knit RCM strategy, you can streamline collection processes, avoid claim denials and maximize profits.
Revenue cycle management (RCM) is the process of managing and optimizing health care revenue workflows to help maintain financial viability. The revenue cycle starts with patient registration and ends in collections.
One of the essential components of RCM is communicating with health care insurance companies. If you don’t verify patients’ insurance benefits, there’s a risk of generating faulty bills, causing patients financial stress.
Here at IPS we work to increase profits and reduce workloads, we provide the following services:
- Insurance verification and co-pay validation
- Charge entry
- Claim scrubbing and rejection resolution
- Payment posting
- Claim denial resolution
- Patient statements
- Patient collections
- Provider reporting
- Coding reviews
- Fee schedule reviews
How can we make your practice more successful?