Revenue Cycle Management

Revenue Cycle Management (RCM)

Revenue Cycle Management (RCM) holds paramount importance in the realm of healthcare, playing a pivotal role in the financial management of a patient’s account throughout their entire healthcare journey. At Indivirtus AB7, we offer comprehensive Scribing and RCM services tailored to optimize the revenue generated from patient care services, ensuring a seamless financial process from the initial point of contact to the final payment of the balance.

The healthcare revenue cycle encompasses several key stages, each integral to the overall financial health of the organization:

Patient Pre-Registration:

· Capture patient demographic and insurance information before services are rendered.

· Verify insurance coverage and estimate the patient’s financial responsibility.

Patient Registration:

· Enter patient information into the system, confirming insurance eligibility.

· Crucial step for accurate billing and reimbursement.

Charge Capture:

· Document services and procedures provided to the patient for claims generation.

· Foundation for accurate billing and reimbursement.

Claim Submission:

· Submit claims to insurance companies for payment.

· Utilize standardized codes (CPT and ICD-10 codes) for accurate billing.

Insurance Payment:

· Insurance companies review and issue payment for covered services.

· Patient may have a remaining balance after insurance payment.

Patient Billing:

· Bill patients for outstanding balances, including co-pays, deductibles, and uncovered services.

Follow-up and Collections:

· Manage processes for following up on unpaid or underpaid claims.

· Appeal denied claims and handle collections for unpaid patient balances.

Efficient RCM offers numerous advantages:

· Improved Cash Flow: Accelerate payment receipt, reducing the time between service provision and payment.

· Reduced Billing Errors: Timely and accurate documentation lowers the risk of billing errors, minimizing claim denials.

· Compliance: Adherence to healthcare regulations and payer requirements prevents legal issues and penalties.

· Enhanced Patient Experience: Clear communication on billing and financial responsibilities contributes to a positive patient experience.

· Cost Savings: Streamline administrative costs associated with billing and collections.

Healthcare organizations benefit from specialized software and systems to efficiently manage the revenue cycle. These systems often integrate with electronic health record (EHR) systems and other healthcare IT solutions, streamlining processes and enhancing overall financial performance. Indivirtus AB7 ensures a comprehensive and efficient approach to Scribing and RCM services, supporting healthcare providers in optimizing their revenue cycles.

Stop struggling with the complexities of RCM. Let Indivirtus AB7 empower your practice to thrive.

Contact us today for a free consultation and discover how we can help you achieve your financial