Top 3 Benefits of Precision Hub’s Revenue Cycle Management Services

 

revenue cycle management services

Revenue cycle management is a fiscal process that tracks patient care stages (from registration to appointment scheduling and final payment) with the help of a customizable medical billing software commonly found in clinics and hospitals. Here we take a look at the top three benefits of Precision Hub’s revenue cycle management services.

 

Accurate Reimbursement from Payers

From a clinic’s viewpoint, its primary financial objective is to collect the right amount of reimbursement from insurance companies (payers). This comes more important when a clinic is dealing with denials and underpayments. As a matter of fact, in healthcare, denials make up for 2-4% of payment inaccuracies, whereas contractual variances account for another 1-2%. Insurance policies and contract terms are becoming more complex which has rendered the clinic’s ability to account for reimbursements more important.

 

Reduce Bad Debt

Reducing debt is just as important for clinics as it is for any other organization. Precision Hub accurately estimates prices for patients to be aware of their costs beforehand. This provides a good image of the practice and helps providers get paid sooner, thereby eliminating longstanding or bad debts.

Bad debts are usually a result of patients who are yet to pay their bills. This forces the practice to cover the loss until the patient deposits the outstanding payment in full.

 

Negotiate Favorable Payer Contracts

The revenue cycle of a practice benefits from contract negotiations as it offers the clinic the chance to find out which areas would it like to improve upon. For instance, a clinic might realize that its patients are paying more of the allowable due to high deductible plans, which may cause a shift in negotiation strategy with the payer. Taking these kinds of things into consideration, contract negotiations allow hospitals to negotiate more favorable contracts, meaning better reimbursement rates for the hospitals.


Comments

Post a Comment

Popular posts from this blog

How Medical Billing Consulting Services Overcome Claim Denials

Image
  For a healthcare practice, its smooth functioning depends on overcoming and filling all hurdles or loopholes in the revenue cycle. The biggest obstacle for every clinic or physician is insurance claim denials. This refers to claims that were received, processed, assessed for the payer (such as insurance companies), and regarded as unpayable. Denied claims cannot be submitting again before identifying the cause of denial. Insurance companies provide their reasons or rationale for denial against which clinics can file reconsideration requests. While reconsideration requests can also be sent back, the entire process of converting a denied claim into one without issues takes up a lot of effort and time. Let’s look at how medical billing consulting services overcome claim denials to stay on top of the game. Staff Training Providing requisite training to your billing and other staff is essential when it comes to handling claims. This can help reduce the probability of errors in ...
Read more

Don't Waste Time on Credentialing

Image
  If you are doing your own credentialing, you’re wasting money and time. That’s the cold, hard truth. At a time when there is a multitude of medical credentialing service providers available, you shouldn’t be putting in long hours. But how much are you exactly wasting on credentialing? This should be a recurring question for you. Generally, physicians spend somewhere around 45 minutes every day on credentialing. Assuming a physician earns $100/hour, that amounts to $20,000 worth of time a physician spends every year on credentialing. This does not account for office staff, follow-ups, taxes, support work, and other payables. One would assume putting in so much time and money will get all the paperwork done on time and accurately. In essence, you lose more time and money. Also, this doesn’t account for lost revenue due to time spent on credentialing. So how does all this compare to outsourcing medical credentialing services? Let’s take a look.   How Much Do Physician...
Read more

2021’s Top Medical Billing Company for Revenue Cycle Management

Image
The past two years have been very difficult for the healthcare industry because of the threatening challenge of COVID – 19 accompanied by daily managerial tasks. This challenge also impacted the daily basis operations of the medical industry. To run the medical tasks efficiently and smoothly, the healthcare industry must manage and maintain Revenue Cycle Management services offered by top medical billing companies to provide the best possible treatments to patients without any hassle.   Without adequate Revenue Cycle Management solutions for financial management, the medical industry cannot achieve its targets, and neither can provide the best treatment.   Importance of Medical Billing Company   The medical billing company is of immense importance to run the financial tasks of the medical sector perfectly because they employ people who have adequate financial expertise and relevant experience and can work efficiently. One of the most known and common perks of...
Read more