Why Outsource Revenue Cycle Management?
Choosing the right business partner for medical billing and coding services can help your practice maximize revenue and reduce expenses. Revenue cycle management (RCM) encompasses these core functions and consists of the methodologies and tools commonly utilized by healthcare practices and institutions to evaluate patients’ financial status, issue claims/bills, and collect corresponding payments. The revenue cycle officially begins when a patient schedules an appointment and a staff member captures the patient’s name, telephone number, and insurance information. The completion of the revenue cycle is official when that particular patient’s account states they owe $0 for services rendered. Unless your revenue cycle is efficiently managed, you may find that your ability to remain financially stable is compromised.
Why Choose HAP for RCM?
HAP is a revenue cycle management company with over two decades of experience serving physician practices in a variety of settings and medical specialties. Our story began in 1995 near Philadelphia where our headquarters is still located. Since then, our client-base has grown to encompass many renowned hospital-based practices and academic medical centers in PA, NJ, and throughout the eastern US. Our proven, flexible solutions and unrivaled dedication to service are the reasons why current customer referrals continue to drive our growth. Simply put, our specialized RCM expertise enables our physician practice clients to maximize revenue and minimize compliance risks despite the challenges of a complex, changing healthcare economy. Key features of our RCM model include:
- Medical coding and billing services performed by certified specialists
- 100% charge capture to ensure every service performed is billed
- Aggressive denial, appeal, and underpayment management
- Insurance follow-up and self-pay collections
- Analytics and reporting that deliver actionable insights
- Comprehensive accounts receivable management
When patient statements and claims are outstanding, it remains vital for physician practices and hospitals to closely monitor the process and intervene when necessary to optimize cash flow. HAP’s revenue cycle services help to ensure payments are made in a timely manner. We also evaluate underpaid/non-paid claims by comparing any payments made to contracted amounts for the purpose of flagging exceptions. Following up with accounts is absolutely essential to achieving strong collections rates, and it should not be neglected.
Specialized Physician Practice RCM Services
The pressure to stay viable in a changing healthcare economy has never been more intense for both hospital-affiliated and private practice physicians. Healthcare reform, a significant decline in reimbursements, more complex billing and coding regulations, and the need to prove value means physicians are facing significant reimbursement risks — and potentially a loss of patients.
HAP’s revenue cycle management experts understand the nuances of professional component billing for specialized physician practices, delivering the experience, insight and comprehensive suite of dynamic solutions designed to resolve the most complex practice performance issues. We have specific, proven radiology billing and coding expertise.
We Want You to Focus on Your Patients
Physicians enter the medical profession because they want to make a difference in patients’ lives. We want to make a difference in your practice by providing superior revenue cycle management services that enable your practice to thrive financially. Contact HAP today and let us prove why outsourcing your RCM tasks can make that difference.