Revenue cycle schemes can bring a medical practice into the 21st century, as well as modernize processes, increase profit, and reduce the time required for paperwork. This allows medical professionals to keep doing what they love: looking after their patients.
For every hour doctors spend with their patient, they spend another two hours doing paperwork. Some of that paperwork relates to insurance and billing. The burden of having to fulfill these duties affects the doctor-patient relationship and the quality of service provided. Physicians spend 27% of their time consulting with their patients and 49.2% doing paperwork.
Using healthcare revenue cycle management services means all the boring stuff gets taken care of, so doctors can take care of their patients.
How Does the Revenue Cycle Work?
The revenue cycle begins when a patient calls to make an appointment with the doctor. Their information, including contact details, are taken at the first inquiry about the clinic or request to see the doctor.
After the appointment, the visit is coded, and the patient is billed. Eligibility for insurance is pre-checked (to reduce rejected claim fees) and claims are made to the insurance company. With the system, staff can easily follow up on unpaid claims and receive payments promptly.
Simple, Computerized System
Revenue cycle services are fully computerized and easy to navigate, allowing the clerical staff to do their jobs more efficiently. The process can also be advantageous to patients who may be able to access their own account and pay their contributions online.
Patients with financial difficulty can pay by instalments from the comfort of their home, a facility that reduces non-payment and increases overall profit. Incorrect coding, insurance mistakes, and patients who don’t pay can cost a busy medical practice hundreds or even thousands of dollars each year.
Revenue cycle systems follow a patient through from their initial inquiry and conclude when they settle their bill. They remove much of the administrative tasks from the doctors, giving them more time to spend with the patient and provide better service.