Revenue Cycle Management (RCM) is a process to manage and track medical practice claims and payments. It requires using sophisticated software technology and specialized billing knowledge to keep track of the claims process and to increase the amount of revenue collected.
The claim tracking process provided by ChartMaker’s advanced software technology ensures claims are not lost and that payments are collected. The billing knowledge of an STI RCM Partner addresses the processing of insurance claims, denial resolution, and A/R follow-up which can cause the majority of lost revenue to a practice. Allowing us to handle your billing process frees up your staff to concentrate on more important patient issues.
Successful Revenue Cycle Management requires technology, billing knowledge, and time to complete the revenue cycle process. Many medical practices cannot keep up with this process due to the difficulty in managing the day-to-day operation of a busy medical practice.
Patient issues cause interruptions to your staff requiring more of their attention and time. Therefore, the time that is needed for calling and following up with payers is not available and revenue is typically lost unless you add more staff.
An STI RCM Partner’s only job is to work on your claims and collect your revenue. In addition to specialized billing knowledge, they are not interrupted with front desk patient issues. An STI RCM Partner is able to dedicate their time concentrating on collecting your revenue.
– Increased average % of claims paid after 1st submission
– Increased average % of current claims (0-45 Days)
– Reduced denial rate
– Improved net revenue to the practice
– Higher percentage of clean claims
– Reduced outstanding accounts receivables
– Faster claims payment
– Less lost claims
– Improved quality of care by having more time for patient care issues
– Correct patient information available and less stress to your staff