For many physician groups, community hospitals and health systems, increased denials, lengthy appeals and payer requests for information continue to affect reimbursement and cash flow. Adding to the complexities of maintaining revenue, many providers are also in the process of updating their outdated EMR/PM systems and legacy billing applications. Mergers and acquisitions also bring into play a significant amount of additional work to reconcile, distribute and report on all payments being posted (or re-worked) from multiple locations, business units, divisions and HIM sources. In these circumstances, working with an experienced team to identify critical areas of need and viable options should be considered.
Implementing Permanent Revenue Cycle Improvements
In obtaining help with new technology or with outsourced RCM services, options range from more targeted areas of need to outsourcing a large portion of the entire revenue cycle. Many vendors specialize in one specific area, such as patient access, billing, coding or the collection of unpaid claims. One of the first steps in planning is to identify those processes where a vendor (or multiple vendors) can deliver the most financial impact within a reasonable time frame. RCMS can provide a detailed analysis of your current processes and deliver a Solution Design Document (SDD) to use as a roadmap with implementing meaningful, permanent revenue cycle improvements.
How Can RCMS Augment Your Business Office?
RCMS can assist with the splitting of ERAs to help with payment posting from multiple EHR/EMR and Practice Management (PM) Systems while going through a migration or merger/acquisition with another provider. This automated splitting & parsing service is a significant time-saving solution for efficiently processing comingled ERA files in a multi-submitter, single receiver business environment.
Our BPO sister company, ReMedics LLC, can deliver a variety of remittance processing, data validation and bank reconciliation services that can optimize your financial performance, reduce posting backlogs and increase cash. ReMedics also provides for the processing of PLB adjustments, co-pays, deductibles, co-insurance, transfers, write-offs, take-backs, remark codes, and more. This allows Business Office staff to focus their attention on exceptions, appeals, denials and A/R collections.
Contact RCMS
Let us know a few details about your business office and any specific problem areas needing attention. RCMS can help to develop a project plan for implementing permanent revenue cycle improvements, including the use of workflow automation technology and/or outsourced options. Contact RCMS today