It’s a simple but powerful principle: healthy cash flow supports a healthy organization. Yet Revenue Cycle Management is an ongoing challenge for many healthcare facilities. Every step in the cycle is important – transcription, coding, billing – and one error or delay can have a domino effect on reimbursement. A seamless revenue cycle workflow means your claims are submitted error-free and you receive prompt and accurate payment.
When your facility implements efficient RCM, you see the benefits immediately. Here are three advantages to expect from a fast, predictable revenue cycle.
Eliminate Payroll Worries
Payroll is one of the most significant expenditures for organizations. If your facility faces cash flow challenges, ensuring you can cover payroll expenses every month is stressful. If you decide to outsource your RCM, you can address several financial problems at once. You will delegate coding and billing to a team of certified professionals to ensure there are no interruptions in your cash flow while giving your staff more time to focus on patient care.
Plan Future Purchases
A stressed revenue cycle is unpredictable, and if you are unsure about your facility’s financial state from month to month, it is difficult to plan too far into the future. When you can forecast your finances with accuracy, you are much better equipped to make long-term plans. Clients who use MedTek’s RCM solutions see a lower average of days to bill, fewer denials and a decrease of claims in aging AR. With that kind of reliability, you can anticipate income and expenses months out and plan future purchases for your facility.
When you’re in survival mode, it’s impossible to think about your healthcare facility’s growth. Once you are confident in your cash flow, you are able to explore your facility’s next chapter. This may mean hiring more staff, adding more services, or expanding to a new location. Financial stability will open up new growth opportunities that will benefit your patients and staff.
Learn more about MedTek’s Revenue Cycle Edge