Due to strains on HME and pharmacy providers and their employees, the healthcare sector is at difficult crossroads. As it currently stands, many businesses are understaffed and their employees feel overworked. This leads to lower efficiency, decreased revenue, and long-term instability. So, what’s the solution? While there’s no easy fix to such a complex problem, the first step is a review of your revenue cycle management (RCM).
This begs the question: What is revenue cycle management? What changes can you make to improve it? Finally, how will improving your revenue cycle management affect your bottom line?
We will answer all of these questions and more. First, let’s look at the process of revenue cycle management and what that involves.
The revenue cycle refers to all front- and back-office processes for managing new HME and infusion pharmacy orders. First, a new order comes in from a physician, hospital, or another referring source. Then, your staff reviews the order, as well as the patient’s coverage, health records, and eligibility. If all of the necessary conditions are met, your staff fills the order and sends it to the back office.
This is when the revenue cycle becomes more complex.
Once your front office fills an order, a multilayered process of checks and balances takes place.
Here is an overview of the revenue cycle process once an order reaches the back office:
The revenue cycle is the foundation of HME and pharmacy businesses. Without proper revenue cycle management, orders go unfilled, paperwork gets lost in transmission, backlogs will grow, and revenue will drop. All of these issues hurt an industry that already suffers from staffing issues and long hours.
Fortunately, Prochant has been helping HME and pharmacy providers refine and improve their revenue cycle management for over 20 years. Prochant has the knowledge and expertise to evaluate your revenue cycle processes, your business software, and your budget to find areas for improvement. This way, your business can operate at its full potential.
If you’d like to learn more about revenue cycle management or discover more tips to improve your business, contact our experts today.
Prochant is the leading reimbursement firm with a dedicated focus on HME and pharmacy. We have a proven track record of helping HME and pharmacy providers meet their financial goals. Our scalable solutions, years of experience, and advanced technology provide best-in-class results to the healthcare community. Headquartered in Charlotte, North Carolina, our client base includes national HME and pharmacy providers and health systems.