Revenue Cycle Management
What sets our services apart from other medical billing services is our unique revenue optimization services. We can entirely revamp the reimbursement system of your medical practice, and optimize collections to improve net cash inflows. Our billing and collection strategy is something you can count on, which will provide you with more time to invest in your first and foremost passion… patient care!
Here your practice will get the care it deserves from billing professionals. We are your partners in running an efficient and profitable practice.
The responsibilities of Revenue Cycle Management can become overwhelming and conflict with other office duties for some healthcare providers. From, prior authorizations, insurance benefits verification to billing & collections, to payment & denial posting – there are some lots of areas in the revenue cycle management that could be better managed by an outsourced partner like Preferred Medical Services. Healthcare providers will be able to operate more efficiently, and in turn provide greater medical services to those who need it the most, when they outsource or partner with a reliable billing company.
The revenue cycle or the life of a patient visit is from the time their case is opened until the final payment is received and it must be managed effectively.
Conflicting to popular belief, outsourcing isn’t just about cutting costs, it’s a long-term success. It’s about improving efficiency, enhancing performance & accuracy, and continuous improvement. By outsourcing your revenue cycle, you’ll be getting a different perspective from an expert. RCM experts understand the best practices and can provide critical feedback on how your organization can improve in comparison to others of similar size and specialty. They can also focus to identify root cause issues, areas of opportunity, and how to recover lost revenue that you never knew existed. Experts help in identifying un-coded claims, new opportunities for clinical documentation, improvement in collecting on denials and underpayments, heightened accuracy, and reducing aged receivables. Outsourcing can help increase revenue, optimize reimbursement, and boost your cashflow.
Healthcare providers and their practices aren’t trained to focus on billing, coding, payer relations, or clinical documentation improvement. Their primary responsibility is to provide exemplary patient care and deliver the best possible patient experience. Outsourcing helps providers do what matters most while leaving key revenue functions to the experts.
A survey conducted by the Medical Group Management Association (MGMA) showed that medical practices outsourcing their revenue cycle typically see improved performance across collections, staff productivity, and several other areas.
If you are considering outsourcing your revenue cycle management functions, and are likely wondering where to start? Don’t worry – you are in the right place – email us at firstname.lastname@example.org or call us at 919-237-9080 for a free consultation.