Category Archives: Revenue Cycle Management

How Technology Can Improve Revenue Cycle Management

Revenue cycle management, also known as accounts receivable, is an important part of every medical practice. Good RCM can help you treat patients more effectively and keep your practice financially stable. In the digital age, technology is a key tool in improving your RCM. Here’s how:

Reduce the risk of human error

How Technology Can Improve Revenue Cycle Management

Human beings are skilled at many things, but there is always the risk of error. These errors can literally be costly, often resulting in lost profits for an organization. However, newer technologies have the ability to streamline patient information, making it much easier to store and find their medical history, billing information, insurance information, and more. Plus, if any information is changed, those changes are reflected across all systems.

It’s more efficient

Doing everything manually can take up a lot of time and effort for everyone involved. And, in a medical practice, your time is more valuable than ever before. Instead of wasting time on monotonous tasks, you need to be helping patients get the best care possible. Thankfully, many of the RCM processes can be automated with such things as patient portals and online scheduling.

It can improve billing and finances

One of the biggest challenges that a medical practice will have to deal with is outstanding patient balances. RCM technologies, however, can monitor medical billing processes to ensure that you get the amount that you are owed. Patient financial technology can manage claims, contracts, and collections to help you keep track of revenue.

Here at Medical Revenue Associates, our personalized medical billing services can help you improve your revenue cycle management. Give us a call today at 215-497-1001 to learn more.

4 Tips to Improve Your Revenue Cycle Management

Having good revenue cycle management, also known as accounts receivable management, is necessary for any medical practice that wants to keep treating patients. Unfortunately, many practices do not manage their finances effectively, resulting in outstanding payments and financial strain. By adopting good RCM strategies, however, you’ll be able to put your medical practice back on…

How Rural Medical Practices Can Overcome Revenue Cycle Challenges

Every medical practice has their own revenue cycle challenges. Rural medical practices, however, often have to endure a unique set of challenges due to their socioeconomic situation. These challenges can lead to rural healthcare facilities losing money and even shutting their doors entirely. In areas where the next doctor is often miles away, it’s important…

What is Revenue Cycle Management?

One of the most crucial aspects of managing a medical practice is to ensure that the finances are in order, something that is critical for being able to maintain the operation of the medical practice. Revenue cycle management (RCM) is another terminology for Accounts Receivable, or the collection of insurance carrier and patient payments which…

Medical Revenue: Planning Your Service Charges with the Medicare Physician Fee Schedule in Mind

The Medicare Physician Fee Schedule (MPFS) applies to healthcare provider services such as office visits, lab work, types of therapy, surgical procedures and more. It gives providers guidelines on what Medicare will cover for services and how much it will reimburse the provider. Medicare Physician Fee Schedule Rates The rates are determined based on input…

SGR (Sustainable Growth Rate) delays – again!

Why isn’t Congress supporting our healthcare providers? Every year we go through this agonizing time frame of facing a 20% cut in Medicare payments, while Congress constantly bypasses their responsibility. Congress can’t be penalized for their lack of appropriate actions, so they do what is in their best interests. Typical political selfishness. Our government expects our healthcare providers…