The healthcare industry may seem profitable on the outside, but without effective payment management, it can just as easily turn into a house of cards. People don’t exactly pull out their wallets and pay in cash when they come into a hospital. Most of the time they pull out their insurance cards and file a claim. Imagine if that claim isn’t filed properly – the hospital will not be getting paid for the service it provided. Here’s a few examples of how revenue cycle management helps in ensuring that claims are paid.
Ensuring Eligibility. Many claims are denied for the simple reason that they aren’t eligible. You’ll want to avoid losing all of that revenue by having a proper process that checks for eligibility while the patient is still in the hospital.
Claims Process Monitoring. Many people think that submitting a claim is all you need to do to ensure that it goes through. However, the claims process has some hurdles to overcome. Know the issues where problems might occur. Revenue cycle management helps identify areas in the claims process where they could be subject to a rejection.
Automate More Processes. Revenue cycle management can help make processing faster by implementing automated processes. Electronic submission and automatic posting help reduce the amount of work a hospital’s billing staff has to do, which then allows the employees to focus on other important tasks.