Revenue cycle management (RCM) uses medical billing software to manage all steps in healthcare, from the first appointment to the final billing and payment tracking. At Tridens, we take billing seriously, and we are always looking for new ways to get our products to more users.
We’ve decided to show how our services can be transferred to the healthcare industry and help marry technology with the human touch by creating the revenue cycle management software that can have a massive impact in that industry.
Healthcare is a complicated field. Many processes are involved in healthcare, and most of them go unnoticed by the average consumer. We’ve noticed that medical billing is one of those hidden processes and probably very complicated. From there, it expands on why it’s essential.
To be clear, Tridens is a SaaS solutions provider. But still, we would love to share the importance of well-designed software that can significantly facilitate processes regardless of the size and type of your business.
Table of contents
What is Medical Billing?
Medical billing is a payment procedure within the United States health system mostly (a mix of public and private health care providers). It involves a healthcare provider submitting, following up on, and appealing claims with health insurance companies to receive payment for services provided. To better understand medical billing in general, let’s look at a famous Revenue Cycle Management (RCM) approach.
What is Revenue Cycle Management?
In simple terms, Revenue cycle management (RCM) is the process that tracks the revenue from patients, from their initial appointment or encounter with the healthcare system to their final payment of the balance. Similar practices outside of the US include medical coding and medical compensation.
The goal of revenue cycle management
Well, the goals are an essential component in any way. The main goal of Revenue Cycle Management is to identify all the friction points in the provider’s revenue cycle to resolve them. We believe that care providers can maximize their claim damages and recognize the revenue with a good platform.
How does RCM differ from traditional billing?
Okay, let’s finish with the definitions and determine the difference between RCM and traditional billing. In traditional fee-for-service care delivery models, billing is usually the tasks and functions performed in the back office. It was not often viewed as a shared responsibility between the front office, back office, and staff. However, RCM is a different process. The situation changes a bit.
Usually, all the billing processes involve a third-party payer. Revenue Cycle Management, in that case, consists in managing claims, payment, and billing. This process can take several days to several months to complete, requiring several interactions before resolving. So, some subscription, we can say.
Revenue Cycle Management software
The medical billing software industry has overgrown, mainly due to the rise in the health care industry and the growth of private insurance in the United States. According to Data Bridge Market Research in Europe, for example, the Revenue Cycle Management Market is expected to gain market growth in the forecast period of 2022 to 2029.
RCM software must provide functionality in medical billing. The right Revenue Cycle Management software unifies the business and medical sides of a health care practice via automation of administrative tasks and other hospital information management solutions. A doctor or other medical care providers can submit claims electronically to health insurance companies using this type of software. Medical practice management software helps keep paperwork orderly – for doctors and patients alike. It also helps streamline and ease the overall financial processes within a health care organization. Because it supports the relationship between hospitals, payment providers, and insurance companies, the users of RCM software can be physicians or practitioners, patients, and payers.
Manage your RCM workflow with technology
The software helps manage the various aspects of running a medical practice, including billing and claims. However, your technique could soon be more efficient with smart billing software and collecting patient information and tracking solutions. Tridens Monetization cloud billing and revenue management software can offer time-to-market integrations to help you with payments, taxation, patient relationships, and integrated management of main medical billing processes. It can also eliminate revenue leakage by streamlining the entire billing workflow.
We work with standard software techniques and follow quality processes closely. Our clients get the best cloud solution according to their needs.
Want to get more information about Tridens Monetization? Leave a comment below or schedule a free demo!