In this presentation you will find the answer of most common questions that physicians are usually concerned about before implementing RCM. https://goo.gl/YzvZaC

1. 5 Answers to the Most Frequently Asked
Questions about Revenue Cycle Management
© CureMD Healthcare

2. Questions About RCM
• The US healthcare industry undergoes major changes
from time to time
• Some of these changes, like the new ICD-10 Coding
System, put the long term survival of many small
practices at risk
• Many physicians are in a constant struggle to
maintain the balance between reduced operational
costs and high quality patient care, to ensure that
their practice keeps on running

3. Questions About RCM
• This is where revenue cycle management plays a key
role in the healthcare industry
• Each revenue cycle process, starting from patient
appointment to accounts receivable, is connected to
one another either directly or indirectly and can
therefore affect the performance of the entire
revenue cycle

4. Questions About RCM
• If each process is executed perfectly, the practice’s
generated revenue determines the effectiveness of
the entire cycle
• The risk that however lies with the revenue cycle is
that if a simple error takes place in any one process
and goes unnoticed; it can affect the performance of
the entire cycle and as a result, put the practice in
jeopardy

5. Questions About RCM
• In healthcare, revenue cycle management (RCM) has
become quite complicated due to a number of
factors affecting it, like the strict regulations brought
forth by CMS regarding ICD-10 Implementation and
the ever-evolving payer mix
• So it’s understandable when not all practices
supporting RCM succeed in the long run

6. Questions About RCM
• The best course of action for physicians is to evaluate
their revenue processes from time to time and look
for loopholes to further increase the ROI of their
practice
• An alternative strategy to improve the revenue cycle
at a reduced cost is by outsourcing RCM

7. Questions About RCM
• Following are some common questions that physicians
are usually concerned about before implementing RCM:
1. How can Revenue cycle management help practices
in maintaining revenue stability?
– RCM can be integrated with all the main processes involved in
a practice’s workflow, starting from when a patient checks in a
hospital to when his claim is submitted to an insurance
company
– It can help reduce the number of Denied Insurance Claims,
improve quality of information and automate processes

8. Questions About RCM
– RCM can help recover most of the potential revenue of a
medical practice that goes down the drain every month.
– Practices need to have a strong RCM cycle to stay solvent
and keep revenue figures stable
2. What are the essential components of effective
RCM?
– It’s not necessary that the technology and personnel mix
used in one facility’s revenue cycle can be fit for another.
– Yet there are some common factors that set effective RCM
apart

9. Questions About RCM
– RCM requires software that can streamline processes and
automate the revenue cycle
– Some RCM have built-in “rules engines” that prevent
errors in insurance claims and provide the biller with
information like copayments and potential errors in a claim
before its submission
– Another example of streamlining processes is real time
insurance verification, which saves staff’s time and
prevents any confusion from taking place

10. Questions About RCM
3. What can be the biggest obstacle to an effective
revenue cycle management?
– The biggest obstacle to an effective RCM would be the
continued implementation of past and outdated processes
that are no longer followed in healthcare industry
– Some medical facilities are still stuck with billing and
collections through paper
– Likewise, some consumers still prefer shouldering a bigger
portion of their medical bills, which affects the
effectiveness of RCM

11. Questions About RCM
4. Would outsourcing RCM be a better choice for
small practices?
– With the administrative burden increasing on medical
facilities, thanks to the new regulations, outsourcing RCM
can be the best course of action for both large and small
facilities
– Some small practices that cannot afford to outsource the
entire RCM to a third party may choose to outsource a
few Revenue Cycle Management processes like claim
submissions and patient billing

12. Questions About RCM
5. Is there any future for RCM in healthcare industry?
– Many medical facilities have slowly started shifting
towards value-based reimbursement
– So in the future, one of the few important RCM challenges
physicians will have to face will be the focus on individuals
as health insurance and health service purchasers
– Apart from third party reimbursements, these individuals
themselves are a major source of revenue for the facility
– Approaching such consumers will require medical facilities
to shift from insurance reimbursement in the future and
implement RCM

13. Read More
• To read more on this topic, visit:
• https://revenuecyclemanagementehr.wordpress.com
/2015/07/08/5-answers-to-the-most-frequently-
asked-questions-about-revenue-cycle-management/

14. CureMD Healthcare
120 Broad Street, New York, NY 10271
Ph: 212.509.6200
www.curemd.com
Thank you!