Healthcare Medical Revenue Cycle Strategy is Key to Success

Medical practices and health care facilities are charged with saving lives and treating patients, however every health care organization needs to remain financially healthy in order to do so.  Regardless of the type or size or scope of the practice, strong healthcare revenue cycle management is paramount to any medical facility’s success.

Healthcare revenue cycle management is the financial backbone of all medical facilities, used to manage the clinical and administrative functions of payment and claims processing. This process of identification, management, and collection of patient services is combined to generate revenue for the facility.

This key financial process begins with patient appointments and ends when payment for service is completed. However, the life of a patient’s account can be less straightforward than it seems.  In the healthcare revenue cycle, administrative staff must handle the scheduling of appointments, insurance eligibility and verification, and account management.  What makes medical revenue cycle management unique is that in this process bills and claims are usually processed over a long period of time. 

Oftentimes, fulfillment of payment depends on insurance claims, which can take months to resolve, leaving any balance owed billed to the patient.  Patients can take time to pay their account balances, many times being invoiced monthly until their accounts are paid in full. 

In order to reduce errors and time consuming disruptions, successful revenue cycle management strategies should focus on these front end tasks while maintaining billing cycles and insurance notifications.  Because of these unique needs, many healthcare providers have benefited from technologies and programs that automate their revenue cycle management.  

Small practices tend to avoid or delay the adoption of these technologies because of the cost associated with their implementation and maintenance.   Expenses of equipment, staff, and upkeep of these systems can exceed what many healthcare facilities can afford. For many smaller practices, outsourcing of their revenue cycle management makes perfect sense.

Companies who provide professional health care cycle management such as Zenith Healthcare Solutions provide medical practices with an array of services tailored to meet their specific needs and budgets.   Payer and provider communications, monitoring of medical billing, and insurance coding are only some of the tasks that Zenith Healthcare Solutions can manage, using their own technologies.

Outsourcing these key medical practice administrative healthcare revenue cycle processes can be a time saving and cost effective strategy.  A professional healthcare management company can combat high staff turnover rates, alleviate the stress of financial management of the practice, and ultimately increase the quality of patient care. Outsourcing of the financial and administrative aspects of a medical practice anc allow physicians and healthcare providers to be able to do what they do best, heal and care for patients, secure in the knowledge that their business is managed professionally and successfully.

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