Precision Medical Revenue Cycle Management Service
Medical Revenue Service by Precision Medical Billing generates and collects payments for the services a provider delivers to their patients. It is a complete Revenue Cycle Management (RCM) solution that handles end-to-end operations, including patient registration, insurance verification, medical coding, billing, and collections. Our RCM billing services are designed to optimize the revenue cycle and improve the financial performance of physicians and medical centers.
Why Choosing Precision Medical Billing Revenue Cycle Management Services Is Crucial for Medical Billing
Managing a medical practice’s finances is complex. Between evolving regulations, strict insurance policies, and patients with expectations higher than Mt. Everest, it’s a recipe for revenue leakage, cash flow disruption, and operational chaos.
Fortunately, the medical revenue cycle management (RCM) experts at Precision Medical Billing can restore your practice to full financial health. Our certified coders ensure accurate billing and coding to prevent revenue leakage. Our enrollment specialists secure contracts with top commercial payers to expand your patient base. And our billing experts work diligently to collect every dollar your practice earns.
So don’t let medical finances frustrate you. Precision Medical Billing’s Medical Revenue Services provide the cure for what ails your practice’s finances. Contact us today to see how we align a provider’s entire revenue cycle process to maximize collections while delivering an excellent patient experience.
Precision Medical Billing offers revenue cycle care, with billing at its core.
Our unique approach to medical billing is how Precision Billing Services RCM Service delivers measurable improvements to the revenue cycle process. The SmartClaim system we developed in-house analyzes billing codes and clinical documentation to catch issues before claim submission. This technology achieves first-time acceptance rates upwards of 98%, putting money back in our providers’ pockets faster.
Achieve revenue cycle success through Precision coding excellence
Precision Medical Billing’s medical revenue services boost revenue cycles through expert medical coding. Our advanced Precision Coding technology reviews medical charts and identifies high-value codes. Our coders, equipped with CPC certifications, then carefully examine each chart to uncover revenue optimization opportunities that automated systems may overlook. Through this powerful combination of technology and human expertise, Precision Medical Billing delivers a comprehensive RCM solution that drives increased revenue for your healthcare facility.
Optimize your revenue through Precision’s audit and insight
Our audit specialists utilize the Precision Medical Billing Revenue Integrity process to analyze your current revenue cycle, identifying exactly where coding and billing improvements will have the greatest impact. Our billing consultants then design targeted solutions to correct those gaps. We treat your revenue cycle holistically and prescribe the most effective healthcare revenue cycle management strategies to strengthen performance and drive sustainable financial results.
Charge Entry Feature
- Claim creation, validation, and transmission
- Entering valid super-bill information
- Claim approval confirmation
- Claim status tracking
Remittance Processing Feature
- Processing of payments from the payers
- Processing of adjustments and denials
- Reconciling payments to the provider’s claims
Insurance Follow-Up Feature
- Following up with payers for unpaid claims
- Following up with payers for underpaid claims
- Contact payers on a provider’s behalf
- Negotiating and resolving claim disputes
KPI Reporting & Analytics
- Monitors your key performance indicators
- Analyzes days in accounts receivable
- Analyzes claim denial rate and collection rate
- Comprehensive and customizable reports
- Advanced data visualization tools
Patient Collections Feature
- Collecting patient payments
- Managing initial statement + final notice
- Sending clean bills and reminders to patients
- Convenient payment options for patients
A/R Management Feature
- Reduces the aging of outstanding A/R
- A/R workflow optimization
- Claim approval confirmation
- Collecting A/R collections from the payers and patients
Data Insights
See the key metrics and trends of the revenue billing process in a comprehensive and interactive analytics dashboard. You can compare your performance with industry benchmarks and identify areas for improvement.
Data Insights
Communicate with our RCM experts, your patients, and the insurance payers instantly through the integrated chat system. You can ask questions, share feedback, and resolve issues in real time.
Data Insights
Drill down into the details of your revenue cycle with our customizable and granular reports. You can filter, sort, and export your medical billing data according to your needs and preferences.
Multi-Specialty Support
Manage multiple facilities and locations with our RCM reporting dashboard. You can view and compare the data of different sites and groups in one place. Dedicated dashboard for each specialty.
Data Security
You can rest assured that your data is safe and secure. We use the latest encryption and authentication technologies to protect your data from unauthorized access and breaches.
Data Integration
You can integrate your data with other systems and platforms through Precision Medical Billing’s RCM reporting dashboard. We support multiple formats and industry standards to ensure seamless data exchange and full interoperability.
Revenue cycle management is the process of managing the financial aspects of a healthcare provider’s or facility’s operations. It involves billing, coding, collecting, and reconciling payments from patients and insurance companies.
RCM services can help you improve your cash flow, reduce administrative costs, increase patient satisfaction, and comply with regulatory requirements.
We have a robust and proactive system to handle claim denials and appeals. We first monitor and analyze the reasons for claim rejections and denials. Then, correct and resubmit the claims as soon as possible. We also follow up with the payers and negotiate on your behalf to get the maximum reimbursement. We keep the provider informed of the status and outcome of the claim denials and appeals.
We charge for our RCM services based on a percentage of your collections. This means that you only pay us when you get paid by the payers and patients. We do not charge any upfront fees, hidden fees, or long-term contracts. We believe that this pricing model is fair and transparent, and it aligns our interests with yours.
We take the security and privacy of your data very seriously. We comply with all the relevant laws and regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR). We use encryption, firewalls, backups, and other measures to protect your data from unauthorized access, loss, or damage.
We measure and improve our RCM performance using various metrics and indicators, such as:
Days in accounts receivable (DAR):Â the average number of days it takes to collect the payments from the payers and patients
Claim acceptance rate:Â the percentage of claims that are accepted by the payers without any errors or rejections
Denial rate:Â the percentage of claims that are denied by the payers for various reasons
Collection rate:Â the percentage of the total amount billed that is collected from the payers and patients
Net collection ratio (NCR):Â the percentage of the total amount allowed by the payers that is collected from the payers and patients
Our medical billing company has the expertise, technology, and resources to handle all aspects of your RCM process. We can help you with:
- Coding and submitting accurate claims to payers
- Tracking and following up on claim status and denials
- Posting and reconciling payments from payers and patients
- Managing patient accounts and statements
- Providing reports and analytics on your financial performance
Reduce Billing Claim Denials and Boost Your Medical Revenue Up to 30%
Claim denials are a major source of lost revenue for healthcare providers. They can result from errors in medical billing and coding. Precisio Billing medical billing consulting service prevents these errors by ensuring claim submission that’s compliant with payer rules and regulations.