Revenue Cycle Management

Revenue Cycle Management is a process to track revenue from patients, from their initial appointment or encounter with the healthcare system to their final payment of balance. RCM is the administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. It is a cycle that describes and explains the life cycle of a patient (and subsequent revenue and payments) through a typical healthcare encounter from admission (registration) to final payment (or adjustment of accounts receivable). A thriving healthcare revenue cycle reduces and prevents errors. Errors in Revenue Cycle Management can lead to the healthcare provider receiving delayed payments or no payment at all resulting in interruption in your cash-flow. According to Medical Billing Service Review, healthcare organizations lose $125 billion yearly because of denied claims. CMM is expert in handling and managing healthcare provider Revenue Management Cycle. We ensure that the right coding for services is used so that claims can be processed, and the practitioner is compensated for all their services rendered. Billing errors are reduced so that reimbursement from the insurance companies is maximized.

The benefits of outsourcing Revenue Cycle Management to CMM:

1. Cost Savings: It would reduce administrative and overhead costs associated with staffing, training, salaries, and technology so you can focus on patient care and maximize your revenue.
2. Access to Expertise: It would provide instant access to specialized RCM experts, best practices, and experience. Our team will perform the following for you:

• Verify insurance eligibility
• Coding
• Patient demographic entry
• Charge entry with appropriate modifier(s)
• Clean claim Submission through a clearing house
• Payment and contractual obligation posting
• Claim denial management
• Collection from patients
• Generate financial reports

3. Increased Revenue: A resolute team of RCM experts would help maximize revenue by optimizing billing processes, reducing errors, and improving cash flow. Our automated insurance verification, clean claim submission, claim denial management, sending/receiving payments, collection on outstanding accounts will cost you less than the same manual transaction. Reducing denied claims will save you time and money and lead to less stress for patients.

4. Efficiency and Workflow: Our streamlining financial processes will improve turnaround time associated with offering a service and receiving payments that would allow you to focus on patient care and deliver the best care while maximizing you cashflow and patient satisfaction. We keep abreast of payer policies and their respective billing and reimbursement criteria.