The market for services of Revenue Cycle Management or RCM has been generated due to the growing demand of efficient accounts receivables management in the field of medical practices. There are some main key components of RCM which are important for bringing the flow of income in the field of medical practice to ensure the growth of business. Some of them are:
Verification of the insurance of the patient
This is being verified by the front desk at the time when the patient wants an appointment. The limit of the insurance coverage and the co-pay amounts is being requested at the check-in of the patient.
Submission of the claim
The claim for the insurance with fitting codes for treatment procedure is then submitted to the best possible payer electronically by means of built up norms of submission. If any error is found in claim preparation then it is corrected at the earliest.
Processing of payment
After paying the claims a remittance advice is being sent by the insurance company which allows the billers to post the payment electronically and the further balances are owed to the patient or to a secondary insurance claim if any.
Accounts Receivable Follow-Up
This is one of the main key to the effective receivables management where the provider alert the billing office to denied claims, partial payments, and also the claims which are not being paid despite of the error free nature.
Once all insurance payments have been tracked and applied to the claim balance, remaining balances are billed to the patient by statement printing on immediate basis. Here the phone calls and the letters are sent and remain continued till the payment is made.
AccuretRCM is one of the best RCM service providers which ensure the growth of your business through the effective utilization of this service.