End to end revenue cycle management (RCM) ensures a smooth distribution of cash flows while establishing and improving the reimbursement process. End to end RCM helps all medical providers and healthcare organizations facilitate timelines of collecting on accounts receivables (AR), obtain full insight into the complex revenue cycle process, and improve their revenue performance.
In an era where medical plans and regulations are changing constantly, it is challenging for healthcare providers to optimize their profit margins. With a plethora of supposed solutions, over 69% of all the healthcare providers end up using multiple vendor solutions for the revenue cycle management process, and this practice diminishes profitability because of fragmentation and no sole entity having full insight over the total RCM picture (report published by the Healthcare Information and Management Systems Society).
The adoption of an end to end revenue cycle management organization saves medical practices from this fragmentation issue and reveals a number of potential benefits. So, without further ado, let’s dig into the benefits of end to end revenue cycle management and see what’s in it for you:
Lowers the complexity of back-office and front-office processes
The combination of integrated technologies and automation in end to end revenue cycle management tools reduces the complexity that most of the healthcare providers face in the front-office and back-office processes.
When, for example, an electronic health record system or other clinical technologies combine with automation, it enables innovative, streamlined process flows. It increases the efficiency and mitigates the complex processes that staff has to deal with on a daily basis.
Moreover, it improves payment processing, billing, claim submission, coding, appointment scheduling, and even credentialing.
Lower percentile of claim denials
Most of the end to end revenue cycle management systems strive to bring optimal solutions to the table. This tends to minimize systematic human errors. Minimal system errors automatically lead to lower claim denials.
While executing payment and billing processing, end to end revenue cycle management systems maintain great efficiency and accuracy in order to obtain proper and thorough reimbursements.
Enables providers to focus more on core business
Adopting an end to end revenue management system does not only accelerate financial growth but also enables the healthcare providers to focus on the core of their business: the practice of medicine.
Physicians will have more time practicing medicine as they won’t have to worry about accurate coding and billing anymore. They won’t have to manage their end to end revenue cycle on their own now. It has been observed that medical efficiency increases with the adoption of automated end to end revenue cycle management systems.
Transparent picture of financial transactions from both ends
Eliminating the financial discrepancies through systematized financial processes which brings to light transparent owed reimbursements reduces the conflict of interest between payers and providers by empowering providers with the knowledge of what they are truly owed. For physicians, this helps you draw a clear picture of your financial transactions.
Improves the credentialing process
Credentialing is a process that enables the patients to file insurance claims so that insurance companies can pay for their medical bills or utilized services delivered by healthcare professionals.
End to end revenue cycle management will improve the credentialing process with systematized document access that relieves the burden of the process from the practice itself. The provider can directly look into someone’s health insurance plans, insurance necessities, and have an end to end revenue cycle management provider handle the full credentialing application.
A chance to invest in new technologies
Outsourcing a revenue management system does not only improve the credentialing process but also cuts down operations costs and increases revenues. With this, the practice can use their saved time and earning to invest in the latest medical software, systems, and technologies to ensure scalable revenue growth while providing patients with the highest quality medical care.
Ready to outsource a revenue management system?
Are you seeking an end to end revenue cycle management solution for your billing and coding challenges? Don’t worry! All you need is a partner who can make implementation easy and take responsibility for the rest of the work.
To learn more, feel free to contact Avosina Medical Technologies today!