The patient revenue cycle–from initial eligibility determination, co-pay collection, intricate coding processes, claim tracking, claim denial follow up, all the way through receipt of final payment—must be maintained to ensure medical practices not only flourish, but prosper and thrive. But whether it’s improper training, a lack of communication between staff members, a conflict with other duties, or just poor workflow procedures, many practices feel overwhelmingly burdened by the crushing process, resulting in lost revenue and bad debt. However, these issues shouldn’t keep your office from becoming financially efficient. To optimize your office’s revenue cycle, it may be time to opt for a trusted Revenue Cycle Management company, such as ChartLogic’s RCM team.
Revenue cycle management is defined as the process used by healthcare systems to track the revenue from patients, from the initial appointment to the final payment of balance. Proper revenue cycle processes and workflows can increase payments, decrease write-offs, skim overhead, and allow for a larger patient base, translating to more revenue for stakeholders.
Read this whitepaper from ChartLogic to see why RCM is the optimal solution, and every practice should be aiming that direction for the future.