How Healthcare BPO Company Helps Manage Medical Billing for Your Patients
RCM, Revenue Cycle Management, is a process used by medical and healthcare BPO companies to track patient care episodes all the way from registration to scheduling and the payment of the balance. An RCM software is usually designed to integrate the clinical and business sides of the healthcare facility ensuring that the patient’s administrative data is carefully streamlined.
Using RCM in medical billing, the data is usually managed in multiple steps:
1. The first step is to pre-register the patient for medical treatment.
2. The second step is to create a financial responsibility, which ensures that all stakeholders are legally bound by their responsibilities.
3. Once the administrative task is complete, RCM software can be used to check-in and check-out patients.
4. From an operational perspective, RCM in medical billing is also used to review coding compliance.
5. As there are numerous stakeholders involved in medical treatment, the RCM is also used to check billing compliance.
6. Once the operational and billing sides are taken care of, the sixth step is to prepare and transmit claims to the respective stakeholders.
7. The next step is the generation of medical bills and related charges in a single medical statement.
8. Once the patient’s statement is compiled, it’s time to monitor payer adjudication.
9. The last step is to follow up on payments and collect outstanding dues.