Revenue Cycle Management Service

Outsourced Medical Billing and Collections for Dermatology, Ophthalmology, Orthopedics, Plastic Surgery and Otolaryngology

Revenue Cycle Management Service

Outsourced Medical Billing and Collections for Dermatology, Ophthalmology, Orthopedics, Plastic Surgery and Otolaryngology

If you’re looking for a comprehensive billing service to handle your practice income drivers so you can focus on patients, look no further than Modernizing Medicine®’s Revenue Cycle Management (RCM) service.

Each year, US doctors lose an estimated $125 billion in revenueto poor billing practices, in part because in-house billers don’t always understand what’s really going on with the revenue cycle.1

1 Healthcare Business & Technology.

 

To truly address your revenue cycle from before the appointment through to paid account balances, you need more than just administrative medical claims processing. That’s why our comprehensive billing service goes far beyond basic medical billing services, taking a three-pronged approach:

 

PEOPLE

PROCESSES

TECHNOLOGY

What Is Revenue Cycle Management?

It’s the process of managing claims, payments and revenue generation, from before the patient is seen until after their bill is paid.

Benefits of Revenue Cycle Management

From before patients are seen until after their balances are paid, our medical billing specialists and customer service representatives support your revenue cycle management process. We can even handle problematic RCM issues, such as outbound collection calls to patients.

Our goal is to boost your profitability while freeing up resources for you and your staff. Modernizing Medicine’s healthcare Revenue Cycle Management team will get to know your practice’s unique processes, then work with you to identify and implement new strategies for streamlining your revenue cycle.

Help Drive Cost Savings and Efficiency

Convenience is just one of the many benefits of having a single vendor for your technology and billing services. Modernizing Medicine’s EMA®, Practice Management and Revenue Cycle Management solutions give your practice an all-in-one suite for managing the clinical, financial and operational aspects of your practice.

You owe it to your staff, your patients and yourself to get the most out of your practice while staying prepared for your industry’s future. Our integrated solutions should work far better together than disparate solutions from multiple vendors patched together with expensive system bridges.

Evaluate Your Medical Billing Performance Metrics

Many practices miss the mark on financial performance because they aren’t analyzing all of the factors that impact their revenue cycle. How can you optimize cash flow or locate lost revenue opportunities if you don’t know where to look?

To see how your practice measures up, you need to assess your key medical billing and coding metrics and consider the impact of:

  • Total Clinical Collections — How much do you generate in total clinical collections?
  • Net Collection Ratio — What percentage of money do you collect against the amount you are legally owed?
  • Adjustments/Write-offs — What are your current insurance adjustments? Are all of your write-offs justified?
  • Days Sales Outstanding — How long from the date of service is it taking you to collect money?
  • Aged A/R Analysis — What are your current accounts receivable balances? Is the majority (85% or higher) collected within 0-60 days?

With our service, your practice’s dedicated Revenue Cycle Advisor will take a closer look at these key performance indicators and work with you to address them.

Here's What Your Peers Are Saying

Kelly Tepedino, MD

Kelly Tepedino, MD, North Florida Dermatology

“Modernizing Medicine’s RCM solution has exceeded my expectations and has been seamless from the start. The average turnaround time for my payments is 13.5 days, and our denial rate is only 2 percent, which is impressive and a huge weight off my shoulders. It’s really rewarding to be able to watch our cash flow grow.”

Marie Miller

Marie Miller, Office Manager, Danville Dermatology

 

“Since we’ve used RCM, our patient collections have been the best they’ve ever been, and our outstanding accounts receivable have decreased significantly. Modernizing Medicine manages the entire dermatology billing process, from the time the patient comes in until the time we are paid.”

 

Maria Ruttig

Maria Ruttig, Practice Administrator, Eye M.D. of Niceville

“Our dedicated ophthalmology Revenue Cycle Advisor is tremendously helpful, and we have full visibility into our financial data, so there are no surprises. The Modernizing Medicine team’s responsiveness and the ease of the process confirm we made the right decision.”

Frequently Asked Questions

How is your physician Revenue Cycle Management service different from other medical billing services?

Rather than just providing medical claims processing, we combine people, processes and technology to address your revenue cycle. That’s what sets our RCM service apart from basic medical billing companies. Our approach includes:

  • Patient call handling – As part of our collection process, we provide automated outbound collection calls. We also have customer service representatives who handle inbound patient calls to answer questions and help patients understand why they have a balance. To help address your required hours of operation, we have multiple operational centers with flexible employee shifts.
  • Industry-leading technology – Our RCM service comes bundled with our #1-ranked EHR, EMA, and integrated Practice Management (PM) system. With automated suggestions for medical billing codes as well as claim scrubbing tools, these medical billing software solutions help you capture the right data for billing right from the start—not to mention providing you with a seamless all-in-one solution and easy-to-use interface.
  • Appointment reminders and insurance verification – Help reduce no-shows and address insurance eligibility issues before the visit. As part of our RCM service, we can verify eligibility and send appointment reminders for you. You have the option to do these tasks yourself in our PM system, but by letting us handle them instead, you can free up your staff to focus on what matters most—your patients.

Which medical billing performance metrics are most important to track?

To help optimize your revenue cycle, we focus on analyzing the following medical billing key performance indicators:

  • Total clinical collections
  • Net collection ratio (NCR)
  • Rejection and denial rates
  • Adjustments and write-offs
  • Days to process a payment
  • Days to process a claim
  • Total accounts receivable balance
  • Days sales outstanding
  • Aging A/R analysis
  • Provider charges
  • Patient encounters
  • Payment details

In addition to discussing practice metrics and medical billing benchmarks with your Revenue Cycle Advisor regularly in your online meetings, you can also track most of these revenue cycle KPIs in real time using our Practice Management system.

I’m afraid I’ll lose control of my finances if I outsource medical billing services. What does your team do to keep my practice in control?

When done right, revenue cycle management outsourcing can actually give you greater control of your billing through improved transparency and personal relationships with specialists. Our RCM team acts as an extension of your business office, helping to manage the day-to-day operations of the revenue cycle. This, in turn, can give you the opportunity to focus on the metrics, not the management.

To make sure you know what’s going on during the billing cycle, we document our activities associated with each medical claim and provide monthly performance reports. This can give you a level of financial and operational visibility that you may not be able to achieve on your own.

Can I use your medical billing service without your practice management system?

To help provide a topnotch experience, we require that our RCM clients use Modernizing Medicine’s Practice Management (PM) system, which works together with our EHR, EMA, to give you a seamless all-in-one solution. With PM’s easy-to-use Cloud-based interface, powerful financial dashboards, automated Appointment Finder tool and more, you can be better equipped to bring the front and back offices together.

How much do you charge?

We charge either a flat fee or a percentage of your practice’s collections, depending on your state. Complete the form below for your free financial analysis and RCM pricing estimates.

What kind of financial reports does your healthcare Revenue Cycle Management service provide?

Your Revenue Cycle Advisor will send you financial health reports with various key practice metrics. They’ll also have regular online meetings with you to discuss the contents of these reports, answer financial questions, identify trends, go over metrics and analyze overall practice health.

Discover how RCM can help transform your bottom line

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