How Medical Billing Software Integrates Revenue Cycle Management

In a healthcare organization, there are innumerable functions associated with Revenue Cycle Management. How about if most of the tasks can be automated and improved to facilitate the process of revenue capture, medical billing, and claims management? In the era of advanced technology, this is certainly possible. With the aid of advanced, premium medical billing tools, you can automate and significantly improve the tasks related to revenue cycle management. Not only you will be able to deliver quality medical services to your customers, but you will also get paid for your claims, rightfully. Thus, you can improve the bottom line of your healthcare system with the aid of automated software that integrates medical revenue cycle management as an important part.

The advanced medical billing software provides comprehensive solutions for RCM, thus, reducing costs, improving overall operational efficiency, increasing revenues, and delivering quality services. Taking into consideration difficulties faced by healthcare service providers in managing scores of medical bills, insurance bills, and both institutional and professional claims, the software automates the processes and improves the efficiency of the functions. With RCM, healthcare organizations take a comprehensive approach for managing, evaluating, and improving the functions that aid in accumulating patient information and leveraging the same to deliver enhanced patient safety. On the other hand, healthcare revenue cycle management also facilitates in building an integrated and simplified workflow for expediting and optimizing reimbursements.

Key revenue cycle solutions incorporate the following key components:

Patient Registration Eligibility Verification Authentication Check Claim Generation Claim Submission Medical Coding Charge Entry and cash posting A/R Denial Management A/R Collections and follow-up Medical Billing Charge Capture coding Patient Follow-up Third Party payment compliance

Third party payment is one of the major benefits that revenue cycle management software offers today. Typically, web based medical billing software comes integrated with a third party payment gateway that makes the process of payment event easier and hassle-free, while minimizing frauds. It is also an important component of RCM and it is necessary for the payment gateway to comply with the norms as per Payment Card Industry Data Security System. The

standards are developed to facilitate payment card organizations to process payments easily and prevent credit card frauds with the aid of increased control.

Therefore, it is important for Advanced medical billing companies to verify statutory compliance of third party payment gateways, and then integrate the same to facilitate revenue cycle management. Right from patient registration to verifying eligibility, providing claim status, medical billing, following up with patients, and RCM, advanced medical billing tool helps in automating the processes and empowering the healthcare service providers to streamline functions and deliver quality and prompt services to the customers. Considering the fact how medical billing and revenue cycle management are inter-twined, it has become indispensable for medical service providers to switch to an advanced software that integrates both the components and aids in minimizing costs, building stronger relationships, and improving revenues.

Thus, medical billing software integrates RCM components to evaluate, manage, and improve the functions.