What to Consider When Selecting a Rev-Ignition Cycle Company
Before we start looking at some of the tips to consider when choosing a revenue cycle management firm, it is vital to know what it is and why a revenue cycle management is important. Well, the process that takes care of processing claims, payments and generating revenue is known as revenue cycle management.It uses software to monitor the claims process so that the re-ignition revenue cycle management company or the hospital can keep an eye on the application process and in case of any issue, they can address it immediately and allow for a smooth stream of revenue. The revenue cycle management commences when a patient books an appointment and lasts when the patient’s account balance is zero.There are countless steps that the software takes which includes checking whether a patient is eligible for insurance to coding their claims.
The revenue cycle management is a key factor in hospitals. This is because it assists healthcare providers in managing billing records of patients, saves their money by minimizing the amount of denied claims, simplifies communication with other systems and also it allows them to accurately feed in all the information needed for claim processing easily. What’s more; it permits patients to pay their bills online. It can be an overwhelming task selecting the right partner who can give the best RCM system to suit your needs especially due to the many revenue cycle companies available in the market. As a result, you must carefully choose one that will give a system that makes your work flow more efficient, makes a high clean claim percentages and speed up payments.With this mind, here are some factors to think about when selecting a revenue cycle management company that will suit your needs.
First, you need to assess the strength of the software that the company is offering. All revenue cycle management system has the basic requirement feature, but you must look past ‘basic requirement’.Choose a rev-ignition company that will provide a system that has additional features and can easily adapt to future changes.
Secondly, a good rev-ignition revenue cycle company works hand in hand with you. They will ensure that they review your daily outlines and introduce processes that both you and your staff can comfortably work with. Therefore, make sure you select one that can quickly improve your office practices. It is also wise to ask your system provider about the charges associated with dealing with certain tasks. For example, are patients required to pay for statements?If they charge, you should not oversee this factor as it indicates an increase in your expenses.
The other factor that you need to think through when selecting a revenue cycle management firm is whether or not the system provider will be present when you need them. Be sure to ask them if they offer phone support during your working hours, whether they give support service for billing matters and whether their staff normally handles all issues that patients face.
With these important factors, you should be able to select a revenue cycle management firm that will suit your needs.