Revenue Cycle Management Service in California – IntelliRCM
How efficient is your revenue collection process? Does your health practice enjoy a smooth and predictable cash flow? Or do you alternate between feast and famine cycles? Healthcare service providers face numerous challenges when collecting outstanding claims.
Research shows only 70% of medical reimbursements are paid after submission. An astounding 30% is denied and 60% of the denied claims aren’t submitted. To crown it all, it costs a hospital almost $200 to rework or appeal a denial.
If your practice routinely struggles for cash, you need a better revenue collection system. Hiring a reliable revenue cycle management service in California can help you collect full payment every billing cycle.
Streamline Your Billing System
Medical billing is a highly nuanced process with lots of moving parts. All parts must work in tandem to ensure successful payment. Worse still, the rules, regulations, and billing codes change at a moment’s notice. Therefore, even the smallest errors in submission trigger massive delays and denials.
The key to improving your cash flow lies in your ability to track and collect your payments in full. If you run a busy practice, you may not have the bandwidth to keep up with these changes. Luckily, you don’t have to. At IntelliRCM, we’ll audit your billing system and plug any holes that cause undue delays. Even the slightest errors can extend the collection period from the standard 30 days to more than 120 days.
Reduced Coding Errors
Coding errors are the bane of the medical billing sector. Insurance companies frequently change, review, and update their products. While you may attempt to keep abreast of these changes, it’s not the best use of your time. You’re better off passing the buck to skilled professionals who live and breathe medical billing.
Besides freeing your time, working with reputable healthcare revenue management services helps reduce billing errors. At IntelliRCM, we’re in the loop about any changes in medical billing. We sponsor staff to attend workshops by insurance companies to learn about their billing processes.
We implement these changes as soon as they happen to eliminate billing confusion. Hiring a professional medical billing service keeps your practice in great financial shape since you can collect full payment every billing cycle.
Hit Every Filing Deadline
Most insurance providers have a hard deadline. Failing to submit claims within the deadline means forfeiting the cash. Worse still, a clause may prohibit you from collecting from the patient. Every incorrect claim you file with the insurance company delays payment by 30 days.
In such an instance, failing to catch the billing mistake two times will lead you to incur huge losses. Working with a revenue cycle management company eliminates this risk. At IntelliRCM, we scrutinize every outgoing claim to ensure it checks all the requirements.
Our skilled experts are committed to helping you collect full payment every billing cycle and our services include:
- Revenue cycle management
- Credentialing and contract management
- Software and patient health services
Our services are designed to eliminate any delays that could drag out the claim process and cause you to miss the filing deadline.
Collect Payments in Full Every Billing Cycle
A steady cash flow is the lifeblood of your medical practice. Partnering with a reputable revenue cycle management company in California ensures you get paid in full. IntelliRCM streamlines the revenue collection process and provides the tools, skills, and expertise you need to keep your medical practice thriving.
Need a revenue system that pays your medical practice in full every billing cycle? Talk to us today!