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Updated by Karen Lorusso on Dec 17, 2017
Headline for Top 5 Components of Revenue Cycle Management
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Top 5 Components of Revenue Cycle Management

The ultimate goal of medical billing companies is to render exceptional medical billing services to its clients, increasing the revenue generated. Outsourcing Revenue Cycle Management to experts can prove to be just the strategic step one needs to flourish their medical practice as it creates value for money.
These steps leads to an effective RCM assuring an excellent cash flow and good patient relations for all physicians and health care practices. Contacting experts like DhanInfo can maximize your effectiveness for collecting unpaid claims and pursue every reimbursement possibility.

Source: http://dhaninfo.com/medicaltran.php

1

Insurance verification:

Insurance verification:

At the point when the patient requires an appointment, the front-office staff should confirm insurance coverage online while the patient is on the phone.

2

Claim Submission:

Claim Submission:

The insurance claim with proper diagnosis codes and treatment procedures, is then submitted to the proper payer electronically. If there are any errors in the claim submission process, flagged claims are resubmitted as soon as they are corrected.

3

Payment Processing:

Payment Processing:

When claims are paid, insurance company will send a payment advice, allowing the billers to post payments electronically and transfer any balances owed to a secondary insurance claim or to patient responsibility.

4

Accounts Receivable Follow Up:

Accounts Receivable Follow Up:

The provider should alert the billing office to denied claims, partial payments, and even error free claims but still unpaid after a specified time frame.

5

Patient Responsible Balances :

Patient Responsible Balances :

Once claims are adjudicated, any remaining balance on a patient account should be sent to collections.