Outsourcing Revenue Cycle Management Services
Are you experiencing challenges with medical billing reimbursements for treatments provided? Do you need assistance navigating coding, billing, and compliance issues to ensure proper reimbursement? Outsourcing revenue cycle management services to us will assist you in overcoming challenges like these.
Years of Experience
Industry Verticals
Experienced Professionals
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Outsource Revenue Cycle Management Services to the Expert
As a specialized revenue cycle management company, we enhance your revenue cycle process through efficient workflows, advanced technology, and best practices for the key healthcare services you provide. We have a deep understanding of the issues that lead to inaccurate billing and coding, allowing us to identify and eliminate bottlenecks in your process. Our comprehensive support covers every stage, from capturing patient information to final billing and payment.
Additionally, our expertise in HIPAA compliance ensures that our clients remain compliant even as the guidelines evolve. We enhance RCM management services by focusing on patient care, payment consolidation, collections, alternative payment options, and back-end system improvements. Our clients choose to outsource revenue cycle management services to us because we consistently deliver guaranteed results with unparalleled reliability.
Our Comprehensive Revenue Cycle Management Services
Our end-to-end RCM management services include:
Patients Are the New Payers
Optimizing Front-End RCM Process for Maximizing Profitability
Explore Business Specific Revenue Cycle Management Services
Our Revenue Cycle Management Process
Our RCM management services process is driven by a well-defined process. It consists of the following steps:
- 1
Patient Registration
We collect patient demographic details and relevant insurance information.
- 2
Medical Coding
Our coders assign codes to the treatment/procedures undertaken by the patient.
- 3
Medical Billing
Medical billers enter service charges as per the codes assigned.
4
Quality Review
Each bill is reviewed for errors and inconsistencies.
- 5
Claims Submission
Submit claims electronically to insurance companies.
- 6
Payment Posting
Record payments received from insurance companies and patients.
- 7
Denial Management
Identify, investigate and take necessary action on claim denials.
- 8
Accounts Receivables
Follow-up on unpaid or underpaid claims with insurance companies and patients.
- 9
Reporting
Generate financial reports on overall revenue performance.
The Invensis Advantage for Revenue Cycle Management Services
Invensis - The Most Trusted Revenue Cycle Outsourcing Company
As an HIPAA-compliant outsourced revenue cycle management company, we have over 24 years of experience delivering healthcare revenue cycle management services to US-based health care practices. We have helped our clients adopt best practices, including prioritizing patient care, investing in advanced technology, collecting patient payments upfront, ensuring accurate charge capture, and timely claims filing. Over the years, we have seamlessly integrated people, processes, and technology to adapt to evolving legislation and industry needs. As a result, our RCM management services have helped our clients to eliminate waste, enhance efficiency, and receive comprehensive, value-based support. Our expertise has led to significant success for our clients, including a 20% reduction in claim denials and a 30% increase in collection rates. Outsource revenue cycle management services to us and reap the maximum benefits of back office support services.
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35-40
Days in AR
98%
Clean Claim Rate (CCR)
<8%
Denial Benchmark
95%
Net Collection Rate (NCR)
Outsourcing your revenue cycle management (RCM) process can bring numerous benefits to healthcare organizations. RCM refers to managing healthcare's financial aspects, including billing, payment collection, and claims management.
With revenue cycle outsourcing solutions, you can streamline your operations and focus on providing high-quality patient care. Here are some of the benefits of outsourced revenue cycle management:
1. Increased efficiency
Revenue cycle management companies specialize in managing the financial aspects of healthcare and have the expertise to streamline your operations. They use advanced technology and tools to automate processes and reduce errors, resulting in faster payment collection and improved cash flow.
2. Cost savings
RCM Outsourcing can help reduce overhead costs such as employee salaries and benefits, training, and technology investments. This can result in significant cost savings for your organization.
3. Improved patient satisfaction
Outsourced revenue cycle management is beneficial because it enables handling of the billing and payment process efficiently, with reduced chances of billing errors and disputes. This can improve the overall patient experience and satisfaction with your organization.
4. Enhanced compliance
Revenue cycle management companies are well-versed with the latest billing regulations and can ensure that your organization complies with all relevant laws and policies. This can prevent costly fines and legal issues.
5. Access to expertise
Partnering with an RCM outsourcing company gives you access to a team of experienced professionals who specialize in providing valuable insights and solutions to improve your organization's financial performance.
These are some of the benefits that outsourced revenue cycle management brings to healthcare organizations.
The biggest trend in revenue cycle management is outsourced revenue cycle management. This trend is helping organizations streamline their billing and collection processes. It is because of this trend that specialized healthcare RCM companies are more in demand than before.
Revenue cycle management outsourcing has become popular because it takes off the burden of managing critical and tricky in-house tasks such as claims processing, billing, and collections. These companies have expertise in navigating complex billing systems and assisting practices improve revenue collections at reduced costs.
Healthcare revenue cycle management services are increasingly focusing on enhancing patient satisfaction and reducing financial burdens. This includes implementing patient payment portals and providing financial counseling to patients.
Revenue cycle outsourcing is more popular as it allows healthcare organizations to focus on patient care while outsourcing the management of their billing and collections processes to third-party vendors. Outsourcing revenue cycle man to top revenue cycle management companies can also lead to cost savings and improved efficiency.
One more dominating trend is the use of technology in RCM services. This includes using electronic health records, billing software, and patient portals. The use of technology helps streamline processes and improve data accuracy, leading to increased revenue for healthcare organizations.
Another growing trend is to embrace technology to improve efficiency and accuracy. Revenue cycle management companies always stay up-to-date with the latest industry tools and technologies.
What Our Customers Say
We have been working with Invensis for the past two years, and they have helped us overcome many revenue cycle management challenges. The team often walks the extra mile to ensure that our needs are met.
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Invensis has been our revenue cycle management healthcare outsourcing partner for the past 5 years. They have always delivered on their commitments, whether it is meeting our Service Level Agreement (SLA) or improving our billing process.
Invensis has been a great partner providing quality medical coding and billing services. The team is extremely responsive to every query we pose, and the turn-around time for deliverables is always as committed.
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