Running a successful healthcare provision requires a number of tasks to be efficiently accomplished. However, whether your organization is a small private practice with only a handful of staff members or a large multi location network of interlinked hospitals or clinics, there is no doubt that an effective healthcare revenue management system is the key to success.
RCM, or revenue cycle management, is a combination of revenue generation, payment, and claims processing that are instrumental to the way in which a healthcare organization functions. Consisting of all clinical and administrative functions, which add to the management, collection, and capture of patient services revenue, it is the lifespan of every patient account.
So, What Is Healthcare Revenue Management?
Today’s RCM requires the use of modern, cutting-edge technology to track claims throughout their life-cycle and to ensure that due payments are collected on time while denied claims are effectively addressed in a timely manner. RCM tools enable healthcare providers to follow simpler billing processes and identify issues rapidly to guarantee revenue comes in a steady stream. A system that functions effectively prevents the denials of claims while maintaining an efficient and visible billing process. Encompassing everything from collecting co-pays to determining eligibility for insurance, healthcare revenue management is a major element in any organization’s success.
Although RCM isn’t rocket science, it is still important to optimize these solutions to guarantee effective cash flow. By streamlining the revenue cycle, a healthcare organization can ensure that negative impacts are avoided on its bottom line. A system that reduces manual processing from start to finish makes sure that staff time is not wasted and that no unnecessary resources are expended. This saves the organization money and increases the speed with which payments are received.
A Modern System
REPAY offers a healthcare revenue management system for the new millennium. Harnessing the latest cutting-edge technologies and pairing them with many years of successful and proven experience as a leader within the payments industry, REPAY’s in-depth knowledge has enabled the creation of an omnichannel payment platform that allows easier invoicing, automated systems, and more convenient payment options for patients. These factors combined help to facilitate the highest priority within the revenue cycle for healthcare providers of all sizes, which is that of increasing revenue from post-care patient payments.
By allowing the acceptance of a wide range of payment channels, including FSA and HSA, credit/debit cards, and ACH or echeck payments, REPAY’s payment processing system also allows patients to make one-time, future-dated, or recurring payments within a long-term payment plan approved by the healthcare provider. By offering a wide variety of patient-friendly and convenient payment solutions, such as agent-assisted, automated phone systems (IVRs), and web portals, increasing post-care patient payments within a completely secure and compliant environment can become a reality for all healthcare providers of any size.
A Better Patient Experience
One of the advantages of REPAY’s innovative solutions is that patient experience is greatly improved for a more positive relationship between providers and patients. By offering 24/7 access to the payment portal through PCs, mobile devices, and telephones, patients find it easier than ever to make payments at a time to fit around their schedule and feel that their needs are being met and addressed.
By utilizing REPAY’s contemporary healthcare revenue management solutions, today’s healthcare organizations can enjoy a faster and more efficient revenue stream and a simpler accounting process to free up staff time and to ensure better cash flow for the organization for greater success and better competitiveness in the medical services marketplace.