When performed correctly, revenue management builds your bottom line, allowing you to give more of your time and resources to your patients. When it is not done well, duplicate billing, delayed payments and denied insurance claims can significantly hurt the financial health of your business, as well as your ability to grow.
While this aspect of your business is a key element of your success, it can also be a time-consuming one. In fact, the administrative duties involved in this process can impact the quality of care you provide to patients as you are forced to spend more time in the back office and less time in the treatment room. Fortunately, revenue cycle management is a service that can be outsourced to a reliable third-party like Peak Consulting, which gets you out of your back office operations and face-to-face with your patients.
Explaining Revenue Cycle Management
Revenue cycle management encompasses all of your office’s claims and payment processing, as well as other types of revenue generation. This process is a highly complex one that is constantly changing as regulations and protocols fluctuate. Once you have a handle on the process, you are tasked with keeping up with all of those changes to ensure your billing and claims processes go without a hitch.
When the hitch occurs, it can mean significant delays in the receipt of your payments and reimbursements, even to the point of having to write off unpaid bills and claims after lengthy disputes. This can profoundly impact your bottom line as it makes it impossible to even collect all the revenue your business might be entitled to receiving.
Benefits of Outsourcing
When you hire a third-party to handle your revenue cycle management, you are handing over the complexities and headaches of the entire billing and payment process. In addition to simply kissing the headache of the daily administrative operations goodbye, you enjoy the following benefits:
- Peace of mind in knowing patients are covered for services right away
- Increase in number of claims paid the first time around
- Decrease in coding and other errors that can hold up claims
- Decrease in insurance denials that can cut into your bottom line
- Less stress on you and your staff as the administrative duties are managed
- Higher quality of patient care as you have more time to spend with your patients
Of course, the key to reaping the full benefits of outsourcing is to hire the best third-party for the job. This is where Peak Consulting Partners comes into play.