While hospitals, small practices, and larger healthcare systems are known for saving lives and treating patients, every healthcare organization needs to develop successful processes and policies for staying financially healthy. That is where healthcare revenue cycle management comes in.
REVENUE CYCLE MANAGEMENT
Healthcare revenue cycle management is the financial process that facilities use to manage the administrative and clinical functions associated with claims processing, payment, and revenue generation. The process encompasses the identification, management, and collection of patient service revenue.
Without this key financial process, healthcare organizations cannot keep their doors open to treat patients. Healthcare revenue cycle management is the strategy that healthcare organizations use to pay the bills.
HOSCONS, through its Revenue Cycle Management Division provides comprehensive solutions to the hospitals in credit business by taking over/providing expert training on
- Outsourcing of 360° Credit Billing – from front desk till collections
- Validation of Credit Documents (Approval letters, Pre-Auth, Required docs, etc)
- Preparation of bills as per MOU with insurance companies/corporate.
- Validation of Credit Bills.
- Documentation to avoid/reduce disallowances.
- Submission of bills well before deadline to ensure timely payment.
- Follow up with Corporates/Insurance Companies for timely payments.
- Redressal of queries raised by Corporate/Insurance.
- Rate Negotiation Assistance with Corporates/Insurance.
- Monthly MIS & Preparation of Outstanding Reports.
- Reconciliation of Accounts.
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