It’s safe to say healthcare revenue is in an unhealthy cycle. With unmethodical billing processes reported by over 95% of healthcare leaders, the need for technological growth strategies that contribute to the welfare of all invested parties has never been more apparent. But such processes pose their own challenges regarding accessibility, timeliness, and transparency. While down the road these obstacles can impact patients, there is an immediate threat to a healthcare provider’s business practices.
The cure? Revenue cycle management (RCM).
What It Is
Revenue cycle management automates the healthcare workflow, transforming a multi-step, multi-person payment process into one efficient system. Providers stay on top of their collections, while keeping patients in the know on key pricing information.
What It Does
The goal of RCM is to distribute accurate bills in a timely manner, avoiding potential revenue loss and wasted business resources. With OSG’s flexible billing and payment solutions, your collections processes are unscrambled, simplified, and expedited. The end result? Boosts to your payment fulfillment and cash flow.
How It Helps
The billing process kicks off as soon as care is administered and doesn’t stop until payments are fulfilled. In between those points are a host of administrative and financial tasks that bounce from department to department and person to person. Getting from point A to point B with minimal hiccups requires collections agencies to optimize and automate their procedures. That’s where OSG comes in.
Developing healthcare RCM methods aligned with current office workflow, OSG aids in the claims process, decreasing denials and improving the flow of the revenue cycle. Investing in software, properly maintaining RCM technology, and outsourcing when necessary to open pathways for internal success in the business of healthcare. Ready to remedy your revenue cycle? Let’s connect to discuss treatment.