FastMedBilling Medical Revenue Cycle Management Service
FastMedBilling’s Medical Revenue Cycle Management (RCM) Service streamlines the entire process of generating and collecting payments for services provided by healthcare providers. Our comprehensive RCM solution manages end-to-end operations, including patient registration, insurance verification, coding, billing, and collections.
Importance of Choosing FastMedBilling Revenue Cycle Management Service in Medical Billing
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FastMedBilling offers revenue cycle care, with billing at its core
At FastMedBilling, we deliver measurable improvements to the medical revenue cycle process with our unique approach to billing. Our in-house developed SmartClaim system analyzes billing codes and clinical documentation, identifying issues before claim submission. This technology achieves first-time acceptance rates of over 98%, ensuring that money gets back in our providers pockets faster.
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Achieve revenue cycle success via FastMedBilling coding excellence
FastMedBilling enhances revenue cycles through expert medical coding. Our BellCoding technology reviews medical charts, identifying high-value codes that maximize reimbursement. Our certified coders, with CPC certifications, meticulously examine each chart, uncovering opportunities for revenue escalation that algorithms might overlook. This symbiosis between technology and human expertise guarantees an RCM solution that drives more revenue for your healthcare facility.
Click here to book FastMedBilling medical billing RCM service
Optimize your revenue via FastMedBilling audit and insight
Our audit specialists utilize the FastMedBilling Revenue Integrity process to assess your current revenue cycle, pinpointing areas where coding and billing improvements will have the most significant impact. Our billing consultants then design tailored solutions to address these issues. By treating your revenue cycle holistically, we prescribe the most effective healthcare revenue cycle management remedies to strengthen your practices financial health.
Click here to book FastMedBilling medical billing RCM service
End-to-End RCM Service Features by FastMedBilling
With FastMedBilling Medical Revenue Cycle Management (RCM), you have nothing to lose and everything to gain. Our comprehensive healthcare RCM service offers all the features you need to ensure revenue cycle success. From accurate coding and billing to effective collections and compliance, we manage the entire process with precision.
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
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
Coding and Documentation
Coding provider’s services compliantly
Using the latest coding standards and guidelines
Capturing relevant details that support a provider’s claims
Justifying a provider’s reimbursement for their services
Performing medical bill audits
Charge Capture Feature
Capturing and validating the service charges
Leveraging charge sheets and EHRs
Ensuring charges are consistent with coding and documentation
Reconciling your charges with your claims
Reconciling charges with your contractual agreements with the payers
Contract Management
Managing contractual agreements with the payers
Determining how much you get paid for your services
Reviewing and negotiating your contracts
Monitoring the contracts’ compliance
Analyzing the contract performance
Using metrics like contract yield and case mix index (CMI)
Let FastMedBilling RCM Service seal cracks in your revenue cycle...
We identify opportunities to boost your revenue through enhanced billing, coding, denial management and more.
Claims Management
Denial Prevention
AR Optimization
Improved Collections
FastMedBilling RCM Medical Billing Has Got The Solutions For Providers' Revenue Growth
Poor Cash Flow
Providers struggle with maintaining a steady and predictable cash flow due to various factors such as bad debt and underpayments.
Better Cash Flow
Our med RCM service reduces the bad debt and underpayments by ensuring accurate and timely claim submission and follow-up.
Mishandled A/R
Providers face challenges in managing their accounts receivable (A/R) due to the complexity and variability of the process.
Managed A/R
Our healthcare RCM solution provides visibility into A/R performance, such as days in A/R, A/R aging, and A/R turnover.
Misaligned Payer Compatibility
Providers struggle complying with multiple payers, as well as different claim types, like fee-for-service, value-based, and capitated.
Aligned Payer Compatibility
Our flexible and scalable RCM platform adapts to the changing payer requirements and maximizes provider’s reimbursements.
High Denial Rates
Providers experience is a high rate of denials from payers, that give negative impact to their revenue and also to their cash flow.
High Recovery Rates
Our proactive and preventive approach resolves the root causes of denials to boost denial recovery rates and revenue integrity.
More Admin Workload
Denials reduce the provider’s revenue collection and increase their workload as they have to appeal and resubmit the claims.
Automated Process
Our RCM experts and EHR platform automate the manual work and perform claim submission with utmost accuracy.
Unsatisfied Patients
Patients are becoming more empowered consumers of healthcare services, so providers find it hard to ensure patient satisfaction.
Satisfied Patients
Our RCM service offers a patient-centric platform to improve the patient-payer relationship via telehealth features.
Complicated Patient Management
Providers struggle with the increasing patient financial responsibility due to high deductible health plans (HDHPs) and self-pay patients.
Automated Patient Management
Our medical billing platform automatically estimates and communicates the patient’s out-of-pocket costs before the service.
REPORTING & ANALYTICS FEATURES
Choose FastMedBilling RCM Billing Company For Complete RCM Reporting
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.
Quick Feedback
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.
Detailed Reports
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 with FastMedBilling’s RCM reporting dashboard. We support various formats and standards to ensure seamless data exchange and interoperability.
Frequently Asked Questions
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.
At FastMed Billing, we understand the challenges that healthcare providers face in a fast-paced environment today. We specialize in offering comprehensive Revenue Cycle Management (RCM) services explicitly designed to streamline the entire billing process for healthcare providers. From accurate claim creation and submission to denial management, appeals, and payment posting, we take every step of your billing cycle with precision.
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