Everything You Need to Know About an RCM Software

1
Everything You Need to Know About an RCM
Software Efficient Revenue Cycle Management is
the key to success for every business, and eye
care practices are no exception. Poor RCM
processes can mean lost revenue, which is the
last thing any eye care practice wants. But what
is RCM? RCM includes all admin and clinical
functions that contribute to capturing, managing,
and collecting patient service revenue from
claims submission and payment processing to
insurance collections. RCM also involves
following up with payers when claims are denied.
Simply put, RCM is your eye care practices
billing process, and without an efficient billing
process, it may become challenging to maintain a
practices financial viability and provide
quality care. Why is RCM important? The
increased focus on holistic patient care and the
move toward value- based reimbursement is forcing
eye care providers to take a closer look at the
way they approach RCM. Faulty billing practices
often result in financial losses and put the
providers ability to deliver quality care at
risk. Streamlining and improving core operational
processes can help eye care providers remain
financially viable. With this in mind, eye care
providers search for solutions to save them time
and money and turn to revenue cycle management
software. What is RCM Software? When it comes
to building a healthier bottom line, the bad news
is that the current healthcare payment system is
not provider friendly. The complexities of
insurance and the way services are billed and
collected are counterproductive to providers
ability to get paid quickly. However, the good
news is that there are ways to ensure getting
paid the full amount from providers and patients
and thereby reduce revenue loss. With the right
tools and software to handle your billing, you
can track whats going out and whats coming
into your practice. Revenue cycle management
software (RCM software) improves the financial
stability of your eye care practice by automating
administrative tasks and streamlining the
business side of your practice by getting more
money per patient, quickly, and with lesser
efforts.
2

• How RCM Software helps Eye Care Providers Improve
  Cash Flow?
• Here are some of the features of RCM software
  that reveal how central and efficient this system
  is for eye care providers
• Pre-visit authorization
• It is a good practice to check insurance
  eligibility before the patient comes in for the
  appointment. Pre-visit authorization involves
  confirmation by the insurer that a medical
  procedure or prescription is required. Using the
  RCM software, your staff can check on patient
  insurance status and get the ball rolling and set
  up the time and date for a visit. When done
  correctly, this step can help reduce claim
  denials.
• During the Visit
• As you check each patient, you can use the RCM
  software for collecting co-pays. It is better to
  bring in this revenue than wait for payments to
  be settled after the patient receives repetitive
  bills. This will save on staff time and burden
  since they will not send multiple copies of the
  bills.
• Post-Visit Payment Processing
• RCM Software allows you to enter payment
  information after the patient visit. With
  accurate data in place, you can monitor the
  revenue at the end of each week or month.
• Reducing Claims Denials
• One of your goals is to bring down the number of
  rejected claims. Since many rejections occur
  because of human mistakes during the data entry
  stage, the use of RCM software will reduce the
  number of denied claims.

Conclusion Eye care practices that embrace RCM
software can rest assure that they are doing
whats needed to grow, remain competitive, and
ensure a
3
healthier bottom line. The time you save and the
extra revenue you can expect to see after
implementing a revenue cycle management software
will give you more resources to deliver quality
care to patients.