What is RCM?
RCM, or Revenue Cycle Management, is an entire process revolving around identifying, collecting, and managing a healthcare practice’s revenue. The process works by information exchanges that take place between electronic medical record (EMR) systems, clearinghouses, patient payment systems or vendors, and medical billing systems such as Logik Solutions.
The goal of the RCM process is to have a complete financial transaction where you as the provider get paid for the services you provide.
Why is RCM Beneficial?
The challenge with the insurance collections process is that there are many factors that can lead to denied claims, which can be a roadblock to you receiving payment. Improper coding, missing or incorrect patient information, and cancelled appointments are just a few to name. These mistakes can be caused by unorganized data collection, lack of insight surrounding reporting and clinic statistics, or lack of time by billing staff to reconcile and resubmit claims.
RCM and Billing Services for healthcare providers are beneficial solutions that partners such as Logik offer. Dedicated billing specialists and Denial Management experts will be assigned to handle your entire insurance claims process, specifically helping to mitigate uncollected payments, and increase on-time collections by helping you:
- See transparent and accurate patient data to allow for collection of balances owed
- Submit correct claims to insurance
- Correct claim errors and denials
- Follow up with payers to ensure timely payments
- Analyze payment data to improve business operations and increase collections
At the end of the day, the goal of these services is to allow you as the provider to focus on patient care and worry less about the processing tasks – leading to peace of mind that your revenue stream is secure.
Logik’s Dedicated Billing Specialists
Logik Solutions can be your answer for a complete billing solution! Contact us today to learn how RCM can help you maximize productivity, reduce operational costs and eliminate some of the administrative burden.