Revenue Cycle Management (RCM) helps your practice identify, collect, and manage your revenue so your practice stays financially healthy. A NextGen RCM Consultant can help you get paid faster and reduce claims denials using your NextGen EPM system. They can help you examine your entire revenue cycle management process from pre-registering patients all the way to collecting payments from them and insurances. Here is why your practice should hire a NextGen RCM Consultant.
The Role of Revenue Cycle Management in Healthcare
The revenue cycle management (RCM) process is the backbone of the healthcare industry because it manages the finances of healthcare providers. Medical billing and front desk management are an integral part of it. Physicians, patients, and payers are the key stakeholders.
RCM prevents or minimizes unpaid claims and inefficient coding and billing processes. It also improves point-of-service collections and maintains healthy accounts receivable. Together, these improvements can help your practice increase revenue while decreasing costs and improves profit margins.
A typical RCM process includes the following steps:
Revenue Cycle Management Challenges
With the recent interest in value-based and holistic care models, your practice is under pressure to boost efficiency while improving patient outcomes. This means your practice needs to maximize reimbursement without creating burdensome new processes for your providers and staff. Your NextGen EHR and EPM system can help. If your billing staff is struggling to keep up with demand, you can automate simple billing tasks to ease their workload and allow them to focus on more complex business needs like working denied or delayed claims.
Coding complexities, duplicate data, and missing information or misspellings can cause errors in billing, which result in revenue loss. Similarly, the constant changes in healthcare regulations and reimbursement models can delay payments. Your practice can address these common RCM challenges with help from a NextGen RCM consultant.
A NextGen RCM Consultant Can Boost Your A/R Performance
Poor accounts receivable (A/R) performance means your practice gets reimbursed more slowly, wasting time and money. A NextGen RCM Consultant can help you identify the root causes of poor A/R performance so you can correct them. For example, a revenue cycle management consultant can review your A/R aging by payer and identify bottlenecks for certain payers. This process can help your practice implement billing, follow-up, and collections processes to ensure more prompt payment. They can also help you determine if the system can be configured or customized to prevent issues from occurring to prevent future loss in revenue.
Using tools like TempDev’s Revenue Cycle Dashboard NextGen EPM Report, consultants can help you identify patterns in A/R to improve your follow-up and collection processes. Revenue cycle management consultants can also help you design workflows and NextGen templates to get your A/R time down to 50 days or less. They can also interview key staff in your organization to understand where there might be process breakdowns to help assist in getting your practice's finances back on track.
How Can a TempDev NextGen RCM Consultant Help?
TempDev’s expert revenue cycle consulting team can help your practice with all aspects of NextGen RCM. TempDev’s consultants can assess your practice management approach and help you optimize your revenue cycle. TempDev also offers NextGen biller staff augmentation with flat rate billers to cover absences, gaps in your billing team, or with special biller projects. TempBill can help at every step of your RCM process, including:
Call us at 888.TEMP.DEV or contact us here to get started boosting your revenue cycle with help from a NextGen RCM Consultant.
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