Revenue Cycle Management or RCM describes the overall process of billing and collections at the practice or facility level. In order for your practice to maximize revenue and ensure you are collecting optimum cash, there are seven key functions that need to work at peak efficiency. Most practices and billing companies will have staff dedicated to all seven revenue functions and as a result the financial performance of the practice is limited by that staffs' expertise in each function.
"Most internal billing departments and billing companies can do one or two of the key revenue cycle functions very well however if all of these functions are not executed flawlessly, days in A/R will balloon while net collections nose dive."
In order to address this, we divide our Revenue Cycle/Billing Services into seven independent departments:
Technology Services: the first step to efficient cash management is a thorough understanding of the most common EMR & RCM systems in the market. Since our inception, we have worked on and integrated with over 30 systems which means our clients are able to keep their existing system while using our services to boost revenue collected.
Credentialing: our dedicated credentialing department ensures our clients have the proper privileges by facility while ensuring proper documentation with each managed care provider.
Allowable Schedule Management: in order to ensure maximum collections, we match 'actual' carrier payments to 'allowable' by CPT code. This practice will virtually eliminate the common practice of carrier underpayment.
Accounts Receivable: our dedicated team of AR specialist focus solely on collecting as much revenue for you as possible. This team focus is largely responsible for our 97% net collections average and sub-30 days in A/R metric.
Call Center: we treat your patients as our customers and offer support to them for their balance due questions, explanation of benefits and help them understand their own health insurance plan. Our on-shore patient education and support helps increase the cash you are collecting for self-pay.
Payment Posting: our dedicated payment posting team ensures that the monies collected from the carriers are paid to you in accordance with the managed care contract. This service ensures that what you are billing for is properly applied.
Analytics: we offer a cloud-based data analytics tool to simplify our client’s revenue cycle data, complete with dashboards, KPIs and easy to use, drill-down reporting. This data is benchmarked against MGMA and our own “blinded” specialty statistics, allowing us to quickly correct negative outliers (before they become the norm) while accentuating our client’s positive financial outcomes.
"Strivant Health takes great pride in the fact that we can boost your net collections to over 97% while reducing your days in A/R to below 30 days. We are able to achieve these impressive results for our clients by having functional expertise in the seven key revenue cycle functions and having departments dedicated to each of these functions."