Top 5 Benefits of Optimizing Your Revenue Cycle With an Expert Billing Partner

by | February 18, 2021 | 4:19 pm
Top 5 Benefits of Optimizing Your RCM

For a DME/HME, choosing between providing timely and high-quality patient care and focusing on business-building practices, can seem unending and frustrating. If delivering effective therapy is the driving force for a DME/HME, then effective financial management is the way to ensure focus on deliverables remains primary. Revenue cycle management is central to DME/HME sustainability. A MarketWatch report says the North American healthcare revenue cycle management market is expected to witness a compound annual growth rate (CAGR) of 11% from 2019 to 2026.

An expert billing partner provides a number of benefits including:

  1. Efficient billing process

The billing process begins at patient registration and ends at successful claim processing and payment. An expert billing partner enables DMEs/HMEs to execute patient orders efficiently, while relying on established and proven systems to complete registration and subsequent recording of data.

Top 5 Benefits of Optimizing Your RCM Infographics
  1. Improved claim processing

A streamlined billing process improves claim processing by ensuring compliance with insurance documentation requirements. However, a robust infrastructure and the expertise of a professional billing partner improves the management of claims throughout the cycle, from due diligence to the execution and management of denials, if any.

  1. Robust documentation

Robust documentation is important within a medical billing cycle. It is essential to maintain records that are easy to access when needed, whether for timely claim processing or for a business audit. Robust documentation, completed by a professional billing partner, also guides financial management and ensures compliance with tax requirements. It also optimizes benefits such as tax credits applicable to the business

  1. Streamlined operations

A professional and experienced billing partner provides a deeper understanding of business operations management. A DME/HME brings sheer passion and industry expertise. The expertise of the billing partner helps streamline business operations, allowing the DME/HME to deliver excellent healthcare without the worry of day-to-day necessities.

  1. Better financial management

Revenue cycle optimization helps streamline accounting and bookkeeping. Financial management is a significant benefit of professional billing partnership assistance. This can be especially beneficial to a startup or a small DME/HME looking at sustainability and growth during the COVID-19 pandemic.

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