Medical Billing Services and Revenue Cycle Denial Management
Revenue Cycle has become a universal and often abused term in medical billing. Some use the term to describe a means of addressing claims denied for medical necessity. Others use the term to describe how some information is tracked for a specific payer, set of procedures or a place of service. Still others try to use it to describe what they do daily in the physician’s office.
If you were to ask your billing department or a current medical billing company (1) what is their Revenue Cycle Denial Management strategy; (2) what process do they use to methodically measure it and (3) what are the quantifiable results of it, you would most likely get a lot of blank stares.
Want to secure timely payments and ensure a steady flow of income? (Of course you do.) But what do you do if your information is not accurate, timely, and thorough? Well, for starters, you’ll delay the processing of your applications for approval in provider networks, which can have several repercussions (including losing new patients!) because you are not In-Network or having to write off huge amounts due to non-network status.