What is The Cost of Healthcare Revenue Cycle Management (RCM)?

Due to recent COVID-19 restrictions, medical professionals are seeing less and less patients. As a result, they are also seeing less healthcare payments. Many medical professionals are now considering contacting with a revenue cycle management company, such as Coral GIYA.

For many, it is now time to consider outsourcing a core component of your business: Billing. The main factor for medical professionals to evaluate when considering outsourcing, is cost.

Costs Include Time and Effort

The main reason to outsource, is to leverage your medical core competencies. Why you went to medical school: To see patients, and not be burdened with the administrative costs.

Here’s what Coral GIYA can offer as part of the revenue cycle management fees:

• Verify Insurance

• Enter Patient Demographics Into Records

• Specify the Charge Entry

• Submit Claim

• Await Payment to Post

• Conduct Follow-ups as Needed to Secure Payment

• Manage Denials

• Finish Reporting

All of these tasks require a lot of time that office staff could utilize to serve patients and ensuring patients understand financial obligations before services are rendered. Then, some patients need reminder notices to pay bills. These will take more and more time.