Revenue cycle management is the procedure that concerns claims processing, payment, and revenue generation in regard to your medical billing. New technology has afforded coding practice management specialists with a way to track the claims process at every point in the revenue cycle. This allows the medical billing specialists at IHR to thoroughly examine your process to find the point of difficulty that may be causing your practice’s medical billing issues.
Interruptions in the revenue stream can mean serious problems for your practice or medical facility. An expert revenue cycle management company like IHR is the best way to keep your revenue stream intact at all times.
The Revenue Cycle Management Process
Revenue cycle management is a multi-step process, involving many different aspects of medical coding and billing. There are three main phases of revenue cycle management.
Before a patient visits, a number of events must take place. The patient has to be registered and scheduled, and their insurance eligibility must be assured. At this step of the process, IHR has the ability to thoroughly examine the patient’s insurance provider and provide input on benefit authorization.
This step has to do with the patient’s visit itself. No matter what service the patient receives — whether it’s just a routine checkup or a complicated surgery — the procedure corresponds to a medical code or a bundle of medical codes. Our experienced medical coders have a combined 200 years of experience ensuring medical coding accuracy in both ICD-9 and ICD-10 standards. We’ll also assist your practice as you submit the insurance claim.
After the visit, insurance claims are processed and either accepted or denied — although when you work with Integrated Healthcare Resources, we can assure that your claims won’t be denied, and no refunds will be requested. Our revenue cycle management professionals will also follow up with insurance companies.
Why hire a professional?
Many medical institutions, practices, and facilities do not have the experience or medical billing competency necessary to perform revenue cycle management in the way that they need to in order to keep their physician reimbursement optimization intact.
Outsourced revenue cycle management will keep costs down for medical facilities over hiring someone to manage it internally. Hiring IHR to perform revenue cycle management for your facility will keep your costs down while simultaneously improving the quality of New York medical billing and coding services you receive.
External revenue cycle management companies like IHR have the staff, the technology, and the experience to bring all the necessary elements of medical billing and coding together. Patient billing, accounts receivables, collections, and grievances can all be integrated under one practice management services company.