5 Benefits of a Revenue Cycle Management system

As healthcare providers, the top priority is to serve the needs of their clients. Reaching this goal requires a complete understanding of their patients’ needs and financial obligations, which can be difficult for new or small practices. A revenue cycle management system can help healthcare providers manage the administrative burdens associated with running a practice so they can focus more on providing quality care.

What is Revenue Cycle Management?

A revenue cycle management system is the process by which healthcare facilities and small practices can ensure they’re paid for their services as quickly as possible. It encompasses every step of the healthcare revenue cycle, beginning when a patient makes an appointment with their healthcare provider and ending when all claims and payments for that appointment have been collected.

The different steps of revenue cycle management:

- Syncing patients information and administrative staff.

- The services rendered has to be detailed and coded.

- The services needs to be submitted to the insurance provider

- Once the Claims have been submitted, the healthcare providers need to be up-to-date on where they are in the payment process.

- After the insurance agency has paid for their services, the outstanding amount will be sent to the patient.

This brings us to the question, Why is revenue cycle management important? By implementing revenue cycle management, you can drive significant upgrades to your medical practice. 

Here are 5 benefits of a revenue cycle management:

1) The number of Claims paid increases substantially:

Each claim submission requires a process to ensure the patient is accurately identified. Our claims teams focus on accurately completing front-end tasks such as insurance verification, and proper coding. This means more claims are paid the first time they’re submitted.

To ensure the success of your customer experience, we implemented several improvements to our claims processing. For example, we streamlined our process for handling claims and enhanced our tools for reviewing claims. Our goal is to streamline the claim review process and make it easier for physicians and hospitals to submit accurate information so that we can pay patients faster and with less risk.

Working with a claims service provider gives you the advantage of knowing exactly what will be covered and how, eliminating the need for hassle over insurability. If your claims are denied, we can review them quickly to prevent any unnecessary delays, reaching a resolution more quickly than either you or your insurer could achieve on their own.

2) Significant growth in revenue and Healthcare practice collections:

Healthcare facilities face a myriad of costs to keep track of. They are not just required payment for services they offer to patients as well, but they also need to pay their employees for their work. If claims are rejected or patients are unable pay upfront for services or in advance, healthcare facilities' payments are delayed. This is a problem for healthcare facilities to control the costs.

To prevent this from happening, RCM helps practices uncover patterns of denial of claims. Recognizing these patterns, practices can be able to prevent claims being denied in the future , so they will receive prompt reimbursement.

Denied claims don't just result in delays in reimbursement and cause the company to incur costs for claims investigations and appeals. In reality, practices invest a huge sum in re-working claims. So, an effective method of preventing claim denials could yield more than five million dollars of more revenue for a typical hospital.

3) Delivering focused and quality care:

Healthcare practitioners, like all businesses and organizations, need to be able to provide quality services in order to meet the expectations of their customers. Revenue cycle management is a best practice that can help practices transition from traditional fee-for-service reimbursement models to value-based reimbursement. 

4) A direct improvement in patient experience:

Patient satisfaction and quality of care are the driving forces behind a more streamlined revenue cycle management process. RCM simplifies processes like scheduling, filling out intake forms, and billing in order to create a more satisfactory experience for both patients and administrative staff. Plus, because RCM emphasizes thorough insurance verification upfront, patients will better understand their insurance eligibility from the start. That way, they’re not caught off guard by any out-of-pocket expenses down the line.

5) Reducing administrative stress:

RCM puts the patient at the center of care, reducing administrative stress and streamlining front-end tasks. This means administrative staff can spend more time caring for patients and doing what they love: being a doctor or nurse!

How AlohaABA's revenue cycle management can help you

AlohaABA's Revenue Cycle Management is an innovative solution that helps healthcare providers and their patients meet each other's needs. Our RCM is designed to provide your practice with the tools to increase collections, improve receivability, and improve the patient experience through better coordination between the patient care chain. By managing all of your administrative tasks at one location, AlohaABA drastically reduces the amount of time spent on account management tasks.

Sign up for a 1-month free trial to get access of our ABA practice management software, which allows healthcare providers to manage their administrative tasks easily. AlohaABA provides a very intuitive and sleek dashboard designs that presents all the important features in a single to view screen. The best part of AlohaABA is the customization that we provide. The dashboard can be customized to suit your requirements.

Check out our following blogs:

5 Reasons Why ABA Practice Management Software Can Drive Growth

ABA Billing made easy with AlohaABA Practice management software 

Managing insurance claims efficiently with smart ABA practice management software