Lack of A Dedicated Revenue Cycle Management (RCM) Software = Loss of Revenue
What is a Revenue Cycle Management (RCM) Software?
RCM software links various administrative and clinical components together with claims processing, payments, and revenue generation. Every quality healthcare information system has a dedicated RCM module built into it.
Why Invest in a Revenue Cycle Management (RCM) Software?
Effective laboratory revenue cycle management systems vitally contribute towards better health outcomes for the patients and hassle-free revenue management by achieving higher rates of error-free claims and minimizing delayed or failed payments.
Lack of Revenue Cycle Management (RCM) Software impacts an organization’s potential
The absence of an RCM-enabled information system incurs billing errors, which will lead to loss of revenue. A steady decline in the overall potential of the healthcare organization ensues once these errors become recurring.
The US healthcare sector ends up paying $125 billion per year, every year for missed revenue opportunities due to errors in medical billing. Such type of errors is common with bills exceeding $10,000 or more (on average, such bills incur $1,300 in error-related loss in revenue).
Another aspect is the time lost in processing a rejected bill. Such a rejected bill may take up twice the processing time for the same revenue generated. Last but not the least, delayed payments from the insurance companies and denied claims cause unnecessary stress to the patient, thus creating patient compliance issues.