Revenue Cycle Management (RCM) is not just the basic medical revenue service; it goes beyond that. From claim processing, patient payments, denial management, and medical coding and billing, it has much to offer, along with revenue generation. Hence Revenue cycle management is the lifeline for all healthcare facilities.
Medical Revenue Services
Revenue Cycle Services To Elevate Your Practice Profits
Medical Lien Management’s medical revenue service elevates your practice’s profits like never before. We are among the most professional revenue cycle management companies for seamless medical billing, lien filing, collection, and practice management.
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Innovative Healthcare Revenue Cycle Management For Practices
We provide the RCM healthcare services by evaluating practice workflow. Now you can manage everything from patient registration and appointments to the final payment and bills and insurance claims through our quality revenue cycle management services.
Increase Your Cash Flow By A Revenue Cycle Specialist Like Us
Medical Lien Management is a professional revenue cycle management company that provides efficient billing and collection services for your revenue cycle. We help you increase your revenues by religiously following the process below:
1.
Record Patient's Registration Information
Ensuring patient eligibility and valid insurance coverage before appointment scheduling or during patient registration
2.
Revise Co-Payments and Financial Balances
Our patient collection services fetch co-payments from the patient that includes an amount not covered by insurance at the time of service.
3.
Documentation for Medical Record
We review and update the medical record of patients and that also includes the documentation required for verification and eligibility.
4.
Submit Insurance Claims Form
We create claims for treatment, validate and submit them electronically for Revenue Cycle Management Billing. It includes the submission to the clearinghouse or insurance payer.
5.
Review, Validate, and Correct Claims
We review claims to determine if they need to be revised to correct including the necessary documentation reviewing. It eventually helps in revenue cycle billing.
6.
Claims Follow-Ups and Re-Processing
We carefully track insurance claims, fix errors in rejected ones, and make sure they’re processed correctly.
7.
Create Patient Statements, Post Payments
We send electronic bills to the patients including the patient’s details like demographic, owed amount, procedure date, and transaction descriptions.
8.
Payment Collection
We use online and mobile payment methods for the collection of amounts from patients. Also, the payment not received is reminded to the patient.
9.
Data Analytics
We analyze financial data for insights. This evaluation aids revenue and financial operations improvement.
Now Improve Medical Revenue Cycle Management Seamlessly
Pulling off the revenue cycle flowchart healthcare and medical billing altogether is imperative for healthcare facilities. Medical Lien Management is the renowned revenue cycle management company for RCM healthcare services helping doctors, facilities, and clinics with improvement in the cash flow. Contact Medical Lien Management today for your free consultancy.
Constructing Patient Statements/Payment Posting
We send electronic bills to the patients including the patient’s details like demographic, owed amount, procedure date, and transaction descriptions.
Revenue Cycle Management FAQ
RCM is the process healthcare organizations use to track and manage the financial aspects of patient care, from appointment scheduling to payment collection.
RCM helps providers optimize revenue, reduce billing errors, and improve patient satisfaction by ensuring timely and accurate billing and payment processes.
The main components include patient registration, insurance verification, coding, billing, claims submission, payment posting, and denial management.
RCM streamlines the billing process, reducing claim denials and delays, which ultimately leads to faster reimbursement and improved cash flow.
Medical coding involves translating healthcare services into universal codes for billing. Accurate coding is essential for proper reimbursement.
RCM can include patient-friendly billing processes, online payment options, and transparent cost estimates, improving the patient experience.
Challenges include insurance claim denials, changing regulations, data security, and keeping up with evolving billing codes.
RCM utilizes software and systems for electronic health records (EHR), practice management, and revenue cycle software to automate processes and improve efficiency.
Success can be measured by key performance indicators (KPIs) such as revenue capture rate, days in accounts receivable, and denial rate, among others.
