Monthly Archives: July 2021

How To Transition To Outsourced RCM Services From An In-House Setup

How To Transition To Outsourced RCM Services From An In-House Setup

Posted on July 2, 2021

Introduction: Outsourcing RCM Services

For many healthcare institutions, even the thought of outsourcing their services to a revenue cycle management service company can be unnerving as it poses many challenges; one of them is coding and billing. Needless to say, medical coding and billing are among the important cogs of a healthcare firm’s machinery. If both are carried out in an accurate and timely manner, they can pave the way for a smooth revenue cycle, and if not then it can bump up costs. Therefore, healthcare firms fear transitioning to an outsourced RCM service from an in-house setup as, if not done correctly, it can affect the firm’s income and put it in a hole. However, the actual scenario is different.

To back it up with statistics, a National Health Insurer report says that around 25% of the claims paid are incorrect because of which healthcare firms have to suffer a loss in the range of 5%-14% of their total entitled revenue. Hence, to receive the entitled amount, the healthcare organization must outsource their RCM services to a well-credited revenue cycle management service company that is expert in matters related to denial resolution, bill modifications, claim appeal tender, and claim follow-ups. One must also look for credentials like whether the RCM services company has expertise in the ICD-10 & ICD 11 coding systems or not. This way a healthcare firm can transition to a reliable and holistic RCM services provider who can safeguard the firm’s liquid assets ensuring a positive cash flow, eventually boosting the healthcare organization’s revenue cycle.

Continue reading

Top 7 Automated Invoice Processing Software you Must Check Out

Top 7 Automated Invoice Processing Software You Must Check Out

Posted on July 1, 2021

In the age of software, automation is the basic aspect followed by companies. It is quite obvious that when a certain job is done automatically, time and energy are saved. The same goes for invoice generation. When the purchase takes place, the seller generates an invoice for the same & mentions the details about products and services purchased by the customer. Managing these tasks manually is inconvenient & prone to errors. This is why you need to invest in automated invoice processing software.

This automated invoice processing software comes with features to make the work easy and handy.

  1. Pabbly Subscriptions Billing
    Pabbly Subscriptions is a widely known billing platform, enabling you to collect recurring and one-time payments yourself. It assists users 24/7 and will save countless hours of work within a single solution. Pabbly Subscriptions give your business a good shape. This software comes with the in-built Dunning management module. You can create unlimited plans for an unlimited number of products and also does the calculation automatically.
  2. Continue reading