In context, a revenue cycle management system is observed and used by a health institution to ensure that they get paid for any service they provide in an appropriate manner. Having said that, here are a couple of things you have to remember so that when the billing statements arrive, your practice will not be on the short end of the stick.
First, before you admit a patient, you have to get all of the necessary information such as their names, contact number, and their insurance provider. Once you’ve acquired these info, you have to check if your patient is indeed covered by an insurance company. This way, before doing any procedure, you’ll know whether the patient can shoulder the corresponding expenses or not.
Once you’ve confirmed that your patient’s insurance has the expenses covered, you have to properly account for all the expenses that were incurred during the time you’ve accommodated the patient. As such, your RCM system should be using a “missing charge” report that cross-references the procedural expenses and the charge slips automatically.
On the subject of automation, it is best to have your RCM processes automated as much as you can. Doing so will streamline the claim, remittance, and payment posting, which will effectively and greatly cut your practice’s revenue cycle.