services
Revenue Cycle Management (RCM)
The Model That Works Best
Here are the steps we ensure:
- Patient Registration and Check-In: Gather patient information, demographics, and insurance details accurately during the registration process.
- Insurance Verification: Confirm patient insurance coverage, benefits, and eligibility before providing services.
- Preauthorization: Obtain preauthorization or prior approval from insurance companies for specific procedures or treatments, if required.
- Patient Encounter Creation: Document the details of the patient visit, including diagnoses, procedures, and services provided.
- Medical Coding: Assign appropriate medical codes (CPT, ICD-10) to the encounter to accurately represent diagnoses and procedures.
- Charge Entry: Enter the coded information along with associated charges into the billing system.
- Claims Submission: Send electronic or paper claims to insurance companies for reimbursement.
- Claims Adjudication: Insurance companies review and process claims, checking for accuracy and coverage.
Continued
- Payment Posting: Record payments received from insurance companies and patients.
- Denial Management: Identify and address denied claims, resubmitting with corrections if necessary.
- Patient Billing: Generate patient invoices for any remaining balance after insurance payments.
- Follow-Up and Appeals: Monitor unpaid or partially paid claims, follow up with insurance companies, and submit appeals for denied claims.
- Patient Collections: Contact patients for outstanding balances, set up payment plans, and manage collections.
- Financial Reconciliation: Regularly reconcile payments received with expected amounts, addressing discrepancies.
- Reporting and Analysis: Generate financial and operational reports to analyze practice performance and trends.
- Compliance and Auditing: Conduct internal audits to ensure adherence to billing regulations and compliance standards. This sequence of tasks within the RCM model ensures that a medical practice effectively manages its revenue cycle, from initial patient interaction to final payment reconciliation. Keep in mind that specific workflows may vary based on the practice’s size, specialty, and billing processes.
Why You Should Rely On Us
Embracing MD Magnify for your private practice's Revenue Cycle Management is a strategic decision that redefines success. Our comprehensive approach ensures every billing detail is meticulously handled, from patient registration to payment reconciliation. With our expert guidance, you free up valuable time to focus on patient care, confident that your revenue cycle is optimized, claim denials are minimized, and compliance is unwavering. Elevate your practice's financial health, streamline operations, and transform the way you deliver healthcare by partnering with MD Magnify.
- Less friction in your work flow
- Scalable model for growing practices
- Better focus on care and services you provide for your patients
- Predictable Income
- Focusing on ensure maximum payout outs for proper care provided
Your privacy is guaranteed
100% safe
Why Consult With Us?
We are a full service Medical billing and Coding Company
We have biller and coders for most practices
It is difficult for a single medical billing or coding company to have coders competent in a specialty. We got that covered.
We offer a wide range of services
From our parent company that focuses on billing and coding, we also have 2 sister companies that specialize in lead generation and clinic setup.
Book an Appointment
We are here for your thriving practice and established business
