Revenue Cycle Management Basics
Revenue Cycle Management, in simple terms, is the financial branch of your practice. It is the part of your practice that handles collections, coding, health records, and credentialing to make sure your practice earns money. Hiring a revenue cycle management firm can take out a lot of stress from your practice and boost your practice revenue, improve your collection rates, and reduce your expenses.
Here are some revenue cycle management basics that Synapse can help you with:
Denials are your worst nightmare when it comes to getting paid, but worry not because we can handle it. Our medical billers are trained at making sure that all your patient claim information is correct and complete before it is submitted. We electronically submit claims to save time, money and to keep track of them.
The team of billers we employ keeps up with the latest news about billing to stay updated. You will never miss new developments. Denied claims are also checked by our team to convert them into money for your practice. Our team can handle your patient inquiries while you rest.
You can turn over all your claims to us to ensure they get the updated codes. We have a big team of certified coders that can deliver you the best reimbursements quickly. Your practice will never have to worry about new changes in coding because our coders have the latest databases to avoid denials. Our team can also review your records to make sure there is no wasted income from your practice.
Electronic Patient Records
Our billers can help you pick a new efficient licensed billing software or use your preferred web-based billing system. We can also refer you to practice management software packages that can fit your budget. The amazing softwares we recommend is equipped with the latest security suites to prevent your patient data from being compromised.
We have a team of experienced and well-trained credential agents that can get your claims approved within the first submission. Our team will take care of the details, so you don’t have to worry about out of network claims, missing payments, and following up. Our team guarantees immediate action to solve all billing issues that may arise from your insurance contracts.
Our staff writes reports that provide you with the information you need to make good business decisions. We will provide you with the examination of details of your unpaid claims from a specific time frame.
Our staff will provide you with a summary report to check how your practice is performing in areas such as government payers, individual insurance, and patients. You also receive a daily billing report from us that organizes your billing entries.
In conclusion, we at Synapse stand ready to take out the stressful parts of revenue cycle management from your practice. We will handle your collections, coding, electronic patient records, credentialing, and analytics so you can focus on treating your patients. Finally, we can also suggest improvements for your practice’s system to help increase efficiency.