What is Nano Revenue Cycle Management?

Nano Revenue cycle management is the approach or the plan of action created by service provider to make sure they observe, manage, and administer the clinical functions ongoing between the healthcare Provider and the Patient, in their revenue cycle. The revenue cycle begins as soon as a patient reaches out to the healthcare provider to schedule an appointment and ends when all payments for the appointment,consultation, and treatment have been collected.

The main goal of Revenue Cycle Management is to identify any variables that can slow down patient engagement or the care continuum in the provider’s revenue cycle and identify the root cause of it and resolve them. With proper revenue cycle management adherence, due diligence reporting, and best practice sharing techniques, care providers can maximise their claim reimbursements and increase their revenue without wasting a lot of time.

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The major steps of Revenue Cycle Management include

Scheduling

Scheduling:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Patient Pre-Registration

Patient Pre-Registration:

Our pre-registration services allow our clients to reallocate valuable resources towards other core functions that have a direct impact on their business and operations which ensures that the patient information is entered correctly and efficiently while verifying that the medical claim contains all of the proper information.

Patient Registration

Patient Registration:

Our patient registration services include components such as demographics, care details, insurance, and payment information. It improves the clean claim submission rate and facilitates quick processing of claims.

Charge Entry & Capture

Charge Entry & Capture:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Medical Coding

Medical Coding:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Eligibility & Benefits Verification:

Eligibility & Benefits Verification:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Claim submission

Claim submission:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Denial Management:

Denial Management:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Insurance Follow-Up

Insurance Follow-Up:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Remittance processing:

Remittance processing:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Patient Billing & Collection

Patient Billing & Collection:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Cash Posting:

Cash Posting:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Reporting:

Reporting:

Our Patient Scheduling includes effective capture of Patient information for determination of eligibility, obtaining prior authorization, and determining patient liability. This feature arranges the delivery of care and reduces the long waiting time that patients typically experience.

Benefits of Revenue Cycle Management

Increased average % of claims paid after 1st submission :

The major focus area for Revenue Cycle Management to ensure claims are paid the first time they’re submitted and it is all about how accurately and quickly front-end team finish off the assigned claims . These front-end tasks include insurance verification, collection of accurate patient information, and precise coding.

On an average, 5% to 10% of claims are denied after their first submission. However, these denials are mostly due to a human error or relating to any technical glitch. As per the recent survey, 90% of if these denied claims can be avoided and the best way to do it is to making sure the data during the claims submission is accurate. When claims are denied, they go from pillar to post between insurance companies and providers for months until the complete patient data is fixed and verified thoroughly.

Increased average

Increased average % of current claims (0-60 Days):

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Reduced denial rate:

Reduced denial rate
Improved net revenue to the practice

Improved net revenue to the practice

Higher percentage of clean claims

Higher percentage of clean claims

Reduced outstanding accounts receivable

Reduced outstanding accounts receivables

Faster claims payment2

Faster claims payment

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