Revenue Cycle Management
Full-service Revenue Cycle Management = Better Medical Billing.
The methodology behind Revenue Cycle Management
Atlas employs revenue cycle management (RCM) to produce better financial performance. Revenue cycle management outperforms traditional medical billing by eliminating denials, financially vetting patients, and accelerating the revenue cycle.
Revenue Cycle Management: And End-to-End System Approach
As and end-to-end system, revenue cycle management actively eliminates denials from your practice, maximizing your revenue. Mistakes in patient registration, inaccurate coverage information, or failure to obtain required pre-authorization all result in down-stream denials. Whereas traditional medical billing would identify these mistakes only long after the service has been rendered, revenue cycle management proactively and preemptively catches and corrects mistakes before claim submission. Consistent and timely feedback ensures that denials are not robbing your practice of its earned income.
Most doctors provide their services on credit. Our financial vetting verifies the patient’s credit-worthiness (that is, insurance coverage status) before you provide services.
Successful banks verify the credit-worthiness of potential borrowers before issuing a loan. Our RCM offering allows our clients to do much the same.
Financial vetting, in a sense, ensures the credit-worthiness of your patients prior to their date of service. Our financial vetting determines the patient’s insurance coverage status, coverage restrictions (if any), and remaining deductible amount, and shares this information with your practice. It enables time-of-service collection of the patient’s portion of financial responsibility, and provides confidence that you will receive reimbursement for the services you render.
Revenue Cycle Acceleration
Compared with traditional medical billing, effective revenue cycle management shortens your revenue cycle (i.e. reduces the number of days between service and payment), meaning you get paid faster.
As receivables age, they become less collectable. (In our experience, you lose about 10% of the value of your receivables for every 30 days of age.) Thus, not only does a shorter revenue cycle mean you get paid faster, it also means your collect a greater portion of the money you’ve earned.
Revenue cycle management shortens the revenue cycle by maximizing collections at the time of service, minimizing claim processing time, and shortening the patient statement cycle. Electronic claim submission, electronic patient statements, and online bill payment all contribute to faster (and thus fuller) payment.