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6 Advantages of Medical Revenue Management in Healthcare Business

medical revenue management

6 Advantages of Medical Revenue Management in Healthcare Business

Medical Revenue Management (MRM), also known as Revenue Cycle Management (RCM) is an integrated process used in the healthcare industry to ease the payment process and help in generating more revenue. The system starts from the payment made by the third party until the end of the patient balance. Let’s see some of the key benefits of MRM:

  1. Accuracy of finances

Keeping a tab on the finances is probably the most cumbersome task for most of the healthcare enterprises. MRM optimizes the accuracy of finances with transparency in transactions. Healthcare enterprises deal with various products and services and the revenue management for each department needs to be on the same page. The process can become more complicated with addition or upgrade of new policies and regulations. A solid MRM process will continue to optimize the revenue cycle for a healthcare entity.

  1. Saves time and effort

Needless to say, when the finances are taken care of in an integrated and streamlined process, it also saves a lot of time and effort. MCM integrates the revenue operation with the actual product and service delivery. It speeds up the revenue cycle process and ultimately enhances business. Some MCM provides advanced billing service that helps to collect upto 99% of reimbursable charges and claims and reduces accounts receivable to less than 30 days.

  1. Eases the billing process

MCM ensures a much smoother cash flow where the billing and amount collected from products, services and subscriptions are all processed in an organized way. The billing schedule must be in keeping with the customer’s expectation to maintain a good reputation.

  1. Hassle-free experience for customers

From informing the patient party about an appointment to reminding them about a payment on time, MCM takes care of all the administrative tasks. The system also gives an option to the patient party to pay online.

  1. Performance tracker

MCM supports external analytics tools that will help to maintain the key performance indicator of the healthcare enterprise. This way they can keep track of their revenue goals and work on their billing techniques accordingly in a much organized way. Besides, it can identify and leverage more appropriate tools that lead to optimal results for our clients.

  1. Continuous improvement of processes

As the revenue cycle management is much more simplified, there is always ample room for improving the processes and systems based on the achieved results. This will ensure quality deliverables to the patients.

Physician Xpress simplifies pediatric practices much more efficiently with their advanced e-business suite. Their products include revenuexpress and pediatricXxpress with services like reviewing claims and charges, claims submission and tracking, Denial management, Electronic Remittance and Payment Posting, Accounts Receivable Follow-up, Patient Billing and Collections, and Monthly Reporting.