The term revenue cycle management (RCM) refers to the financial process surrounding a healthcare appointment. RCM can also often be referred to as behavioral health or medical billing. No matter what name you give it, RCM takes more skills and knowledge to complete than you may think. Keep reading to learn about the steps in the revenue cycle and the benefits of outsourcing its management.
The Complete Revenue Cycle
How many steps does the revenue cycle have? The answer depends on who you ask. Many sources list about seven to nine different steps in the process. Here are nine medical billing steps to give you the full picture:
The order of these steps can vary, but they all have an important role to play in behavioral health/medical billing. Making a mistake during one task can result in mistakes in further steps. Accuracy and efficiency are critical to successful RCM.
Benefits of Outsourced Revenue Cycle Management
While behavioral health/medical billing seems simple at first glance, it requires dedicated attention, resources and skills. Both small and large healthcare practices can have difficulty giving billing the care it needs. Outsourced billing services have the training and resources to complete RCM correctly and efficiently. An established RCM provider will look out for you by keeping records secure and finding ways to increase reimbursements. RCM services can complete the billing steps for you so you can focus on your clients.
Working With Orion’s Outsource Billing Service
Thanks to decades of experience, Orion Healthcare Technology’s outsourced billing team provides accurate and fast RCM services. We specialize in the behavioral health and addiction fields, so we understand how to bill for these unique services. Physicians and other general healthcare professionals can also take advantage of our services. If you request our outsource billing services, we only charge an affordable percentage fee based on your collected payments.
Our cost-effective solutions help healthcare professionals better serve their clients. If you would like to learn more about our services, contact us online today.
2/10/2021 07:07:42 pm
I liked it when you shared that it is best to hire a service that has the training and resources to complete medical billing correctly and efficiently. In this way, you get to focus on other important tasks of your business like focusing on your patients. I would like to think if a healthcare facility is thinking of improving its service, it should consider hiring a reliable medical billing company.
11/12/2021 05:35:35 am
Thanks for pointing out that further steps have to be taken if you create errors in the process of medical billing. In that case, investing in healthcare revenue management software programs would probably prevent such mistakes that can also affect the patient or their family. Also, the patients should not worry about the charges they will be getting, instead they have to focus on actually getting better which is why the records must be correct all the time.
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