A healthcare practice is more than just a service that delivers compassionate, lifesaving care to its patients – it’s also a business. And, like any business, it needs a steady stream of revenue to continue delivering what the customers (patients) want and need.
The key to maintaining – and strategically increasing – your medical company’s revenue is by using a medical practice management system or, more specifically, revenue cycle management (RCM).
What Is a Medical Revenue Cycle Management System?
RCM is the financial process that enables healthcare practices to track patient care from registration to final payment using medical billing software. This system merges the business and clinical aspects of your practice by linking administrative data (patient information, insurance information, etc.) with the treatment the patient receives.
Another key component of RCM is the communication between your practice and health insurance companies. Once a patient schedules an appointment, your staff typically checks the patient’s reported insurance coverage prior to the visit.
After a patient receives treatment and pays the necessary copayment, the health care provider classifies the treatment as per ICD-10 codes. The provider then sends a summary of the care provided to the patient’s insurance company, which will then determine what portion of the total medical bill is indeed covered by the insurance policy. The insurance company will then bill the patient for the remainder.
How Would Revenue Cycle Management Help My Medical Practice?
Since it interacts with other health IT (information technology) systems, an effective RCM system reduces the amount of time between providing a service and actually receiving payment. It also saves your practice time by automating tasks that were previously handled by your own staff, such as informing patients of their upcoming appointments, sending reminders about an existing balance, and contacting insurers with questions when a claim is denied.
An RCM system can also save your practice money by providing insight into why claims have been denied. Even better, it reduces the amount of denied claims in the first place by prompting the proper entry of all required information for claims processing.
All of this spares you the hassle of revising or resubmitting claims later, and it gives you a fuller understanding of why certain claims have been denied – thereby enabling you to rectify the issue.
Of course, this also translates to better profits.
Improved Billing Means Better Patient Care
Efficient medical billing can not only increase your practice’s revenue and maximize profitability, but it can also lead to better patient care – provided you outsource your revenue cycle management to a proven industry leader. ProMD Practice Management can help your medical practice reach your goals of increased revenue in just a few months of implementing the system.
And improved administration means less time wasted on paperwork and more time spent with patients.
Contact ProMD Practice Management Today
Founded in 2004 by a group of physicians and health care administrators who saw a need for better medical practice management, our staff at ProMD is experienced with billing services, timely charge posting, collections, and detailed monthly billing and collection reports.
ProMD Practice Management offers you the best of both worlds: If you have one of the following practice management (PM) and/or electronic health record (EHR) systems, our financial experts can manage your medical billing and collections while you maintain total control of your data:
- Allscripts PRO
- Carestream WinOMS
- Intergy by Greenway Health
- HealthFusion MediTouch (NextGen Office)
- Meditab IMS
Or, we can provide you with a practice management system that simply makes you more efficient and increases receipts.
Our highly skilled billing team knows how your PM/EHR system works. We can conduct all of your medical practice’s billing functions utilizing your own billing systems, so you don’t have to change a thing – no new investment in technology or software.
To learn more about how ProMD Practice Management can help boost your medical practice’s revenue and profitability, call us at (844) 236-5488 or fill out our online form to request a billing assessment. Let us help you maximize your profits – while also maximizing patient satisfaction.