The concept of a healthy cash flow supports a healthy organization seems simple and obvious. Three stages – transcription, coding and billing – ideally work together to create a seamless revenue cycle. Yet Revenue Cycle Management continues to pose a serious ongoing challenge for many healthcare facilities.
When efficient RCM practices are put in place, you see the benefits immediately. Here are three advantages to expect from a fast, predictable revenue cycle.
Alleviate Payroll Stress
Payroll is naturally one of the most significant expenditures for organizations. If your facility encounters cash flow challenges, ensuring you can cover payroll expenses every month is stressful. By outsourcing 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.
Consider the Future
It is nearly impossible to plan ahead if your current revenue cycle is unpredictable. 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.
It is impossible to think about your healthcare facility’s growth if you are perpetually in clean-up mode. Once you are confident in your cash flow, you are able to explore your facility’s next chapter. Financial stability will open up new growth opportunities that will benefit your patients and staff.
Learn more about MedTek’s Revenue Cycle Edge