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Revenue Cycle Management Services Healthcare

Today’s healthcare landscape is complex, with revenue cycle management services healthcare at the top. While providers focus on patient care, effective RCM services help attain financial stability. It brings together the entire economic process, from appointment scheduling and registration to final balance payment, encompassing end-to-end financial operations.

Practolytics stands out among several best revenue cycle management companies. We deliver Top RCM services tailored to meet the specific requirements of each provider. The purpose of what we offer in our single-place service is to fix things that don’t work well, increase revenue, and get the best outcomes.

Transforming Businesses

Practolytics is one of the leading multi-speciality billing company serving more than 28+ medical specialities

Claims processed annually

States covered

HIPAA compliant

Active Providers

What is revenue cycle management in healthcare?

Revenue cycle management in healthcare is all about tracking the money side of helping patients, starting from when they sign up to when their bill is all paid. It includes steps like setting up appointments and making sure the last penny is covered.

What is revenue cycle management in healthcare_

Key Components:

Patient Pre-registration and Registration: Obtaining and verifying patient details before the service delivery.

Charge Capture: Recording the patient services in detail

Claim Submission: Sending details of patient care and corresponding charges through claims.

Payment Posting: Maintaining track of the payment records from payers and patients

Denial Management: Spotting and handling reasons for claims denials

Patient Collections: Outstanding balance collection from patients

Implementing end-to-end revenue cycle management services can result in a 15% cost reduction and a 3% revenue increase.

With Practolytics, affordable revenue cycle management services are just a click away.

What is revenue cycle management in healthcare_

Why Choose Practolytics as a Trusted Partner?

Practolytics delivers an end-to-end suite of Healthcare Revenue Cycle Management Software solutions created to optimise financial processes and improve revenue. With more than 20 years of experience in the field, Practolytics serves 28+ specialties across 31 states, with a whopping 97% first-pass claim ratio and minimizing claim submission time from 15 days to 7 days.

Why Choose Practolytics as a Trusted Partner?

Our Key Offerings:

Why Choose Practolytics as a Trusted Partner?

Eligibility Verification: Ensure patients’ eligibility for insurance before service delivery

Claims Submission: Timely and proper claim filing to avoid last-minute stress.

Denial Management: Proactive spotting and resolution of claim denials

Accounts Receivable Follow-up: Continuous follow-ups to reduce outstanding balances

Contract Negotiations and Credentialing: Expert guidance with provider credentialing and payer contract negotiations.

Predictive Analytics: Leveraging data to predict trends and enhance the decision-making process.

Billing and Coding: Precise coding and checks to prevent claim rejections.

Practolytics data-driven approach delivers real-time financial analytics and automated alerts and ensures compliance, enhancing revenue cycle turnaround from 45 to 30 days. We are one of the leading revenue cycle management services that focus on delivering value beyond mere numbers on a screen.

What is the Revenue Cycle Management Process?

Medical Billing

The process of revenue cycle management incorporates the following steps:

Patient Pre-registration: Attaining demographic insurance details.

Registration: checking, verifying, and updating patient information

Charge Capture: Accurate recording of services delivered during patient encounters.

Coding: Assigning appropriate medical codes to services rendered.

Claims Submission: Claims submission to the respective insurance companies.

Payment Posting: Maintenance of payment records attained from payers and patients.

Denial Management: Spotting and corrective actions of claim denials.

Patient Collections: Collection of outstanding balances from patients.

Reporting: Obtaining financial reports for analysis and effective decision-making.

An effective Healthcare Revenue Cycle Management workflow ensures on-time reimbursements and reduces revenue leaks.

Medical Billing

Benefits of Healthcare RCM Services

Eligibility and Benefits Verification
Eligibility and Benefits Verification

Implementing RCM services for providers delivers various merits:
Enhanced Revenue: Streamlined billing workflows result in improved revenue generation.
Reduced Claim Denials: Precise coding and on-time claims submission reduce denials.
Improved Cash Flow: Efficient financial flows enhance payment cycles.
Compliance Assurance: Proper adherence to regulatory policies minimizes risks of legal issues.
Leveraging top-rated RCM software can further improve these merits through data analytics and automation
capabilities.

Why Revenue Cycle Management Services are Important?

Revenue cycle management solutions are pivotal for healthcare businesses. They make sure you get paid right for the help you give patients. They also keep you playing by the rules and let you make smart choices using the info you collect.

In other words, these solutions are like a financial buddy for healthcare offices. They ensure you get the money you deserve for your work, stay on the good side of the law, and use information wisely to make decisions that benefit your business. It’s all about keeping your money flow steady and organized.

Key Importance:

Pre-Authorizations

Financial Stability: Ensure effective and consistent revenue flows.

Regulatory Compliance: Sticks to healthcare policy standards and laws.

Patient Satisfaction: Efficient billing processes enhance patient experience.

Strategic Planning: Delivers insights for effective decision-making processes.

A streamlined revenue cycle management process is pivotal to the sustainable growth of healthcare organizations.

Pre-Authorizations

Customer stories

Practolytics has been invaluable to our practice since October 2022. Their expertise in coding guidance and provider audits has given us more confidence in the way we operate. Their team is not only knowledgeable but also incredibly supportive providing clear and concise guidance tailored to our specific needs. Their compliance audits have been thorough and insightful, helping us to identify areas for improvement that could prevent financial losses while also providing opportunities for further provider training. I highly recommend their service to anyone looking to enhance their billing and coding practices.

Carol Raugust – Practice Manager Platinum Hospitalists

Customer Stories

I have been a very satisfied client with Practolytics for nearly 5 years now. As you would expect, they are collecting the money that we have worked so hard for. We like the fact that they share our passion for data. We both approach our common issue i.e., how to collect money from a data centric viewpoint, and this drives improvement. The team is always willing to listen to us and make changes if necessary. Through the years we have asked for help with various office activities from credentialing to prior authorizations to procurement of outside medical records. Yes, these were add on-services, but outsourcing these activities to their team has been a winning solution that has intertwined the billing team into the success of our practice. These add ons have been a good value for us too. Lastly, we have easy access to one of the principal partners on the billing team, and the response time has always been excellent. Thank you! Practolytics!

Guy Lerner – MD Specialist in Pain Care, Kentucky

Customer Stories

We have been working with Manik and the rest of his team since August 2015. At that time, we were a clinic in need of guidance, in terms of credentialing, understanding the claims process and optimizing the use of the technology and stabilizing cash-flow. The team as a whole spent many hours upfront working to get everything moving smoothly and also developing relationships with most insurance companies. Manik’s hard work & dedication paid off as our practice more than tripled in visits, and we no longer had to tell the patients that we aren’t in the network. This more than anything has allowed us great patient flow and continued steady growth.

Robert Gass – Owner Care Physical Therapy, New York

Customer stories

We are a solo orthopedic practice in North Carolina and our relationship with Practolytics started in June 2015. They have staff members who are always willing to help. They work very hard to make us happy and I appreciate all that they do on a daily basis. They take out the worry of getting payments and always follow up with insurance companies. I found the customer service to be unsurpassed. All phone calls are returned and our questions are answered in a thorough and timely manner. The monthly reports are easy to read and provide a quick assessment of the health of the practice, including the company’s account receivables. When I need advice or am unsure of something, it gives me comfort to know that they are just a phone call away. Switching to Practolytics was truly one of the best decisions that I have made for our practice. I truly look forward to a longtime relationship with the staff at Practolytics.

Rekha Parikh – Administrator Orthopedic Solutions & Sports Medicine Center, North Carolina

Customer Stories

I started a new practice approximately 5 years ago. I have used Practolytics for my billing services over this entire period. I have also used them for integration of collections, adding new providers and DME. They have been excellent and are also part of the reason why I am so successful. They are very knowledgeable about billing. I not only see patients in clinic but also at the hospital and nursing home and also do surgical procedures in and out of the office. I have been very impressed with their level of skill and knowledge. They also do very good on communication. I would highly recommend them for any of your billing needs.

Dr. Nicole Cupp – MD Advanced Podiatry of Bartlesville

Customer Stories

Dr. Nicole Cupp
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Jeff Angeline

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    FAQ's on Virtual Medical Assistance

    How much do revenue cycle management services cost?

    The price difference is based on how big your business is, how many claims you have, and what special things you need. Practolytics makes sure you get a fair deal that’s just right for you.

    How can RCM services improve a practice’s cash flow and reduce claim denials?

    By getting coding just right, sending claims on time, and handling any problems early, we speed up the money coming in and stop you from losing money.

    Do you handle both medical billing and coding as part of your RCM services?

    Yes, Practolytics does all the medical coding and billing work from start to finish to make sure everything is correct and follows the rules.

    Is outsourcing revenue cycle management cost-effective for small or independent practices?

    Outsourcing can save you money on expenses, work better, and let you focus on taking care of your patients.

    What types of reports and analytics can I expect from your RCM services?

    We show you real-time pictures of your money flow, like how much is coming in, why claims get denied, and how long you wait to get paid.

    How do you handle denied or rejected claims?

    Our team finds the issues with claims, fixes them, and sends them back so you get paid as soon as possible.

    What specialties do you support with your RCM services?

    We work with over 28 different medical areas, like when you need care quickly, podiatric doctors, pain relief, fixing wounds, general health, and gastroenterologists.

    Can you help with patient billing and collections?

    Yes, we do the medical billing for lots of patients, send bills, and chase payments to get you more money faster.

    How quickly can I expect reimbursements using your RCM services?

    Yes, we do the billing for lots of patients, send bills, and chase payments to get you more money faster.

    How long does it take to transition to your RCM service?

    We usually finish setting everything up in a few weeks without causing too much trouble for your daily work.

    How do you handle multiple providers or multiple locations?

    Our solutions can handle lots of offices and doctors without breaking a sweat.
    For more details on how Practolytics can boost your revenue cycle management, visit Practolytics.com

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