Revenue Cycle Management | Sarasota

A medical practice is based on the principles of care they provide. However, to stay successful, especially in a competitive climate like Florida, it’s crucial that the financial side of your business remains at the forefront of your mind. Understanding the revenue cycle and how it affects you is directly proportional to the future of your practice. To stay abreast of this information, revenue cycle management in Sarasota is essential.

What Is Revenue Cycle Management in Sarasota?

In Sarasota, managing your revenue cycle means everything from maintaining current funds to collecting payments from patients as they are treated. Each step in this cycle directly affects the next, making it crucial that things run smoothly at every stage. Most medical practices outsource this management to a third-party company or use a specially programmed RCM software. It’s up to you which you choose. At Accelerated Medical, we recommend hiring an experienced finance management firm. However, if you are a practice with an advanced IT department, you could certainly benefit from in-house medical billing and management.

Read More: Revenue Cycle Management: A Key To Success

Basic Steps of RCM

Once you’ve decided on an in-house or third-party management style, you can focus on the steps RCM involves. Such as:

  • The pre-authorization and checking of patient’s eligibility for care – In Florida, medical care levels and prices are dictated by insurance unless an emergency is involved. Before treating a patient, you must determine their eligibility for care and the amount to charge based on coverage. This is time-consuming and requires trained personnel unless you’ve outsourced the task.
  • Submitting claims for patient care – Once patients are approved for treatment, your practice can’t be paid properly until you file claims through insurers. This is a crucial step to revenue cycle management in Sarasota.
  • Posting payments following review and submission of a claim – Sending bills to your patients is the next logical step in the RCM flow. It ensures everybody understands how much is owed to you and when this payment is due.
  • Managing denied insurance claims – From time to time a claim is sure to be denied. However, if you’re noticing an influx in denials, there could be a problem with denial management. This is part of the RCM process and one that could be due to improperly filed claims.
  • Detailed report creation – Finally, reports of all the above information and financial data is pertinent to the success of your RCM. Without these reports, your practice is unable to determine areas of success or failure and make changes as necessary.

The Accelerated Medical Difference

Accelerated Medical offers revenue cycle management in Sarasota that maximizes all the above steps. Our team is efficient and professional, with experience in everything from billing to reports management.

If you’re interested in learning more about revenue cycle management in Sarasota and the benefits it has for your practice, contact us at Accelerated Medical today. We’re happy to discuss the intricacies of outsourcing your RCM and the advantages your practice will experience doing so. Contact Us Today 727-781-8480