Tips to Consider When Selecting a Rev-Ignition Revenue Cycle Company
Before stating some of the things to consider when choosing a revenue cycle management company, it is crucial to understand what it is and why a revenue cycle management is critical.Well, the process that takes care of processing claims, payments and generating revenue is known as revenue cycle management.It uses software to monitor the claims process so that the re-ignition revenue cycle management company or the hospital can keep an eye on the application process and in case of any issue, they can address it immediately and allow for a smooth stream of revenue. The revenue cycle management begins when a patients book an appointment and continue until there is a zero balance in his or her account. There are countless steps that the software takes which includes checking whether a patient is eligible for insurance to coding their claims.
Revenue cycle management is an essential element in hospitals. This is because it assists healthcare providers in managing billing records of patients, saves their money by minimizing the amount of denied claims, simplifies communication with other systems and also it allows them to accurately feed in all the information needed for claim processing easily. Further to this, it allows patients to pay their bills online.It can be a confusing job when choosing the perfect partner who can offer the best RCM system that can match your needs especially with the many revenue cycle companies to choose from in the market.For that reason, you should carefully select one that will offer a system that simplifies your work flow, generates a high clean claim percentages and speed up payments. With that in mind, here are some of the things you ought to consider when selecting a revenue cycle management company that will match your needs.
First, you need to assess the strength of the software that the company is offering. Many revenue cycle management systems have the basic requirements feature, but you should look beyond ‘basic requirements’. Choose a rev-ignition company that will provide a system that has additional features and can easily adapt to future changes.
Secondly, a good rev-ignition revenue cycle company works hand in hand with you. They will ensure that they review your daily outlines and introduce processes that both you and your staff can comfortably work with. So, be sure to choose one that can quickly optimise your office operations. It is also wise to ask your system provider about the charges associated with dealing with certain tasks. For example, are patients required to pay for statements?If they charge, you should not ignore this factor as it points out an increase in your expenses.
The other factor that you need to think through when selecting a revenue cycle management firm is whether or not the system provider will be present when you need them. Ensure that you ask them if they provide phone support during your working hours, whether they provide support service for billing issues and whether their staff usually manages all matters that patients face.
With these crucial factors, you should be able to choose a revenue cycle management company that will match your requirements.