Signs Your RCM System Needs a MakeoverOn 18th Oct 2017
Successful Revenue Cycle Management is a primary goal for healthcare providers. The revenue cycle is the entire life of a patient account from the time it is created to the time it is paid and closed. The healthcare revenue cycle is already a complicated system and outdated or incompatible ways of managing aren’t helping. Following are some indicators that it is time for a RCM system improvement.
A key sign that it is time to replace your RCM system is an inability to manage growing organizations or multi-clinic practices. Growth in the healthcare industry isn’t slowing down. A successful revenue cycle system is scalable and can handle any growth that may occur.
A successful claims management system should fit in with the whole revenue cycle. If your current RCM system does not compliment the rest of your revenue cycle this is a sign of trouble. It is also important that your RCM solution integrates with any other systems or technologies you have in effect, such as any HIS technology.
Performance reports are necessary to track how well your organization is functioning. If your current system does not allow you to view reports and analytics it is not doing its job. Reports give you insight into payment variances and efficiency. A lack of reporting and analytics is a big indication of a need for improvement to your RCM system.
Key performance indicators (KPI’s) are a vital metric for healthcare providers. KPI’s give you an insight on how your organization is performing. A strong RCM system should improve your KPI’s. If KPI’s are not satisfactory or are declining, this is a key sign that it is time for a change. A strong system allows you to easily keep track of all KPI’s.
Revenue Masters offers a simple fix to any lack in your Revenue Cycle Management System. Our software increases efficiency and revenues, and provides all necessary reports. Whether a hospital, skilled nursing facility, or physician group, our cloud-based technology works with you to become your contract management team. We can help you to ensure 100% payer collections, call us at (877) 591-2590 or email us at firstname.lastname@example.org to book your demo today!