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Advanced Billing & Consulting Services has been providing healthcare-focused revenue cycle management (RCM) services since 1997. Part of our success as a medical billing company is due to the fact that we respect the impact that a healthcare organization’s revenue cycle has on the quality of patient care.
At ABCS RCM, we realize that health professionals are sometimes overwhelmed with the challenges of maintaining a stable cash flow. The needs of their patients are their primary concern, so concepts like revenue leakage, denial management, aged accounts, credentialing are not given proper attention. However, these finer points of revenue cycle management are crucial for the financial success of any healthcare agency or medical practice.
What is revenue cycle management (RCM)?
Oregon Health and Science University and the Healthcare Financial Management Association (HFMA) defines RCM as “all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.”
To oversimplify the definition, RCM is how healthcare providers get paid. If the cycle is functioning correctly, the financials of a practice, clinic or health system are usually in the black..
However, when disruptions occur in the revenue cycle, these problems can quickly cascade across the entire system. Issues such as inadequate cash flow, aged accounts or unresolved claims can financially damage the best of healthcare practices. Ultimately, sound revenue cycle management practices are a complex set of inter-related principles that all healthcare professionals must understand, and more importantly, follow.
Many medical providers have not had enough training on finance and insurance related matters. An efficient, experienced and organized medical billing service is required for any facility or practice in order to compete in the modern healthcare environment.
Insurance takeback request, denied or reject claims as well as credential requirements create challenges for any medical practitioner’s revenue cycle. Requirements such as MACRA and other policies from the Centers for Medicare & Medicaid Services create new layers of documentation requirements that can reduce cash flow and complicate a clinician’s reimbursement process.
Questions about ABCS RCM’s medical billing & credentialing solutions? CONTACT US
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Healthcare Revenue Cycle Management, Aged Accounts