Revenue Cycle Management (RCM) services help handle the complexities of billing, collections, and reimbursements in healthcare businesses. RCM is the backbone of the healthcare industry, and RCM service providers work round the clock to ensure their clients get paid on time for the services rendered.
Every Practice and medical coding and billing company is at some sort of war when it comes to AR and denial management of their Revenue Cycle management. The constant need to prevent claims from piling up in the AR is a challenge that even the big players in the industry face. This is because AR follow-up is the toughest in the Revenue cycle management process. AR follow-up is a B2B interaction, it involves transaction(s) resolutions relating to reimbursements over the phone. This calls for usually dealing with fortune 100 companies with budgets for process and technology that are hundreds of times more than what the provider can access.
Did you know that HIPAA violation penalties can go up to $25,000 per violation category per year? That’s why medical healthcare providers need to take all precautions to adhere to HIPAA regulations. While handling such compliances is a considerable task by itself, it becomes even more challenging when the HIPAA updates its compliance terms periodically.