- Millions of dollars are wasted every month on inefficient revenue cycle management.
- Physicians can improve revenue cycle management by outsourcing processes.
- Precision Medical Billing (PMB) has separated ourselves by driving process improvements to optimize revenue collections for our clients.
Every month, physicians throughout the U.S. waste millions of dollars because of poor revenue cycle management processes. McKinsey estimates that 15% of all healthcare spend in the U.S. is related to revenue cycle inefficiencies. This translates to about $400 billion on an annual basis simply for claims processing, billing, revenue cycle management (RCM), and bad debt.
Despite healthcare providers investing in EHR software and other tools that are designed to create efficiencies, the leading cause of revenue cycle inefficiencies is outdated manual methods trying to track down payments.
So, despite increases in software investments to help run the practice, office staff members still have to make calls or send emails to complete the process of receiving payment for services provided. This doesn’t have to continue, though, when revenue cycle management companies are available to support your practice.
Consider Outsourcing Revenue Cycle Management
We recommend outsourcing the function of revenue cycle management to a team of experts that knows the ins and outs of RCM, such as our team at Precision Medical Billing (PMB). This is certainly the trend amongst healthcare leaders.
According to a recent report by Becker’s, the majority of healthcare CFOs (54%) believe that outsourcing revenue cycle management is the best path to increase efficiency and improve their financial health. Some of the benefits that can be realized include the following:
- Improved patient care freeing up staff to provide more valuable patient-centric services.
- Timely reimbursements to cut through the red tape and paperwork to ensure payment.
- Reduced costs not having to bring on additional staff to support your office.
- Predictable monthly cash flow to help you make informed decisions about expenditures.
- Less stress trying to track down payment for services provided to your patients.
At PMB, we can help you realize these benefits through our proven approach to RCM. We’d like to highlight what separates our revenue cycle management company to support your practice by ensuring that you collect every dollar you are entitled to.
How PMB Helps Physicians with Revenue Cycle Management
Getting revenue cycle management right is not a quick fix. It requires a strong foundation supported by processes, procedures, and cadences to ensure that you are continuously set up for success collecting revenue that you are owed.
At PMB, we support the entire RCM process from beginning to end for physicians. We don’t just address one area; we’ll help you build the right infrastructure and have the right procedures in place. We’re here for the long haul to support your team in the following ways:
- Optimize front office practices.
- Ensure you have the right documentation to submit your claims.
- Perform bill preparation and processing.
- Handle reconciliations.
- Follow up on collections according to a set schedule.
Because we are experts at what we do, we will stay on top of RCM to prevent leakage and to optimize your revenue cycle. Our team will work with your office to evaluate current processes and identify gaps that could be contributing to lost revenue. We’ll then work toward eliminating the factors that are causing revenue reductions and ensure that you capture every dollar owed to your practice.
We like to start with a Revenue Cycle Management Assessment to identify gaps, then create a roadmap to help you close gaps. We’ll work with your office on a continuous basis to support billings, strive for additional improvements, and review results on a periodic basis to see where there has been growth.
Contact PMB To Outsource Revenue Cycle Management
PMB is recognized by Becker’s as the #1 U.S. medical billing company for a reason. We built a team of capable experts that are 100% committed to customer success. That’s why we are able to increase revenue for 100% of our clients.
We pride ourselves in offering quality services and support that are custom-fit to meet the individual needs of each physician that we are privileged to work with. We’ll even work within your existing software to optimize processes so that you can continue to use the software that you already invested in.
Leave the details of revenue cycle management to our team so that you can focus on providing quality care to patients. Contact PMB today for a free consultation to discuss a revenue cycle management solution that works for your practice.