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Revenue cycle management (RCM) is pivotal in managing the financial aspects of patient care services. By ensuring healthcare organizations are paid on time and in full, effective RCM helps maintain a stable revenue stream and manage cash flow, resulting in a steady and predictable income. However, one persistent challenge is delayed reimbursements, which can severely
In today’s competitive world, businesses need to find ways to streamline their operations. To do this, most modern healthcare agencies turn to healthcare business process outsourcing (BPO) providers. A BPO’s cost-saving services can increase your company’s efficiency. This lets you optimize your operations. As a result, you’re able to focus more on patient care. Let’s
In 2021, insurance companies denied an average of 17% of claims. One insurer had a denial rate of 49%. Another reached a staggering 80% in 2020. All these denials were for patients who were treated by in-network physicians. That’s why medical claims processing is crucial for having a healthy revenue cycle. Efficient claims management strengthens your
Many healthcare facilities only understand the drastic effects of coding errors once it is too late. Aside from the financial troubles that this can cause, it can lead to possible legal problems and in some cases, even to the closure of your business. Instead of waiting for the worst to happen, create a plan on