We manage your Revenues and Let you focus on Best Healthcare for your Patients
As a healthcare provider, your practice needs to maintain the balance between providing treatment to patients, filing claims to insurances and getting them paid. This process is unification of healthcare, business motives and administrative procedures with insurance companies. It is a complex series of steps involving, coding, claims, registrations, collections, remittance, and follow-ups. It is often these tedious and cumbersome tasks that hamper you from focusing on your core business. Healthcare providers often invest more resources and time in achieving their goals while a professional revenue cycle management partner can deliver you better results. Revenue Cycle Management services are at a spiraling growth due to their return on investment and the optimized business methodology. Nearly all major players in healthcare are utilizing these advanced methodologies to better revenue streams and lesser bad debt. The transition from traditional services fees to reimbursement-based healthcare has remodeled how healthcare providers are functioning in terms of better financial feasibility.
Offering healthcare to patients is a revenue stream but when hospitals spend more resources to recover that revenue, it isn’t an added value. A robust and professional RCM system can be an effective business move that helps you thrive in the competitive market scenario.
An effective and proficient RCM system is functional for a multitude of factors
- Enhanced financial and cash flow system
- Upgraded processes and procedures to suit business needs
- Effective clinical, administrative and revenue generation functions
- Staying updated with CMS Guidelines
How Knack Global Delivers Leading Edge RCM Services:
We have built a proficient hybrid of automated and manual workflow systems that uses the client’s host system. It is a highly competent system to streamline processes and deliver better output.
Key Elements of Knack Global RCM System
- Extensive experience with healthcare billing companies with proficient system diagnostics
- Real-time processing of Insurance Eligibility Status of patients
- Accurate Review and scrubbing of claims
- Creation of self-pay e-statements and submission to online service
- Eliminate regulatory and compliance hassles
- Effective follow-up of claims from Insurance companies.
- Reconcile all accounts and address issues related to patient liability and adjustments
- Robust management of underpayments and denials
- Efficiency accuracy in payment posting and minimized credit balances
What makes Knack Global the Ideal Choice
Equipped with leading-edge technology, we are streamlined for end-to-end processes. Powered with leading software and reporting tools, the majority of the claims are resolved within 90 days. You can rely on our expertise in RCM services and focus your resources on your core business.
Our RCM Service Flow
Patient scheduling and eligibility verification
Knack Global has always been keen on helping clients with each segment of the RCM workflow. Patient scheduling and eligibility verification is the beginning of the cycle and accuracy in this step goes a long way in better revenue generation. Scheduling a patient and eligibility verification requires staff training to ensure precision. Any mistake in demographic verification can affect your reimbursements. Knack Global has delivered certain best practices with key steps to optimize this step.
Patient visit and clinical documentation
Complete documentation of the patient as per CMS guidelines forms a critical step in processing claims. It is integrated with the system to ensure that records are always updated and fully compliant with ICD 10 coding standards. We ensure that every data entered is documented in such a way that aids in better claims processing.
Superbill completed by the provider
Accurate billing is essential to RCM efficiency and Knack Global had devised steps to execute it. The physicians are required to get reimbursed as per the services and information needs to be entered correctly. We employ control measures and practices, so that diagnosis, procedures, and services are billed appropriately.
We fully understand the nature of the healthcare business. Although we focus on copays at registration time itself, in certain instances it may have to be altered. As healthcare centers face rush hours and emergency situations, we have devised adequate procedures to combat such situations.
Coding and billing
It is important that correct coding and billing practices are executed by all professionals and physicians. They must have CMS certified EHR and training about the system to equip themselves for correct codes with ICD-10. As the coding system is complex, experienced professionals are required for processing claims on the first submission.
Accurate claims and data processing are cardinal to coding and billing in the process. It is a prerequisite that claims get accepted and it will determine the revenue generation. Accurate data entry and timely submission will ensure a higher claim acceptance rate.
Any sort of claims denials and rejections will add up to lost revenue for the healthcare center. Undue delays in reimbursements also affect the cash flow. To combat these issues, it is critical that each step of the workflow is benchmarked for accuracy and better processing. Complete staff including providers, front desk, billing staff, coders and clinical staff must be trained for understanding their role in claims processing.
The final step of the RCM cycle is the receipt of payments. Receiving payments is pivotal to the business existence and any denials may be informed by ERA. The Claims processing cycle is cumbersome and having a proficient RCM partner can make things hassle-free.
Knack Global Revenue Cycle Management Services help you attain a multitude of results:
Help you Filter claims with enhanced visibility:
Through Knack Global’s Revenue Cycle Management (RCM) services, we allow your staff to handle administrative tasks efficiently and accurately. Complete transparency in the process enables us to enhance financial performance on real-time basis. You can filter claims efficiently and helps in improving the visibility of data in your system.
Maximize your A/R:
We minimize your lead time and let you process clean and accurate claims. As a healthcare provider, tasks like submissions, inaccurate data, and claim settling takes undue resources and time. Knack Global will let you have dedicated professionals for your billing and ensuring expedite reimbursements. With a substantially high first-pass claim acceptance rate, we optimize A/R. When it comes to claims processing, we have got you covered.
We specialize in becoming your true billing partner:
Knack Global’s RCM collaborates with your Medical Practice and acts as your Billing Partner. We plan and implement our services by customizing it for your medical center. Our team works closely by evaluating your specific requirements to ensure you get every claim paid. We are experts in monitoring and optimizing your system and A/R that has a direct effect on your revenue generation.
We have proven strategies and systems in place that adds value to your business. We act as a liaison for you at every step of the RCM cycle by incorporating advanced technology. Many tasks are automated and give you supreme accuracy and optimization. Our primary goal is to increase your revenue stream and minimize bad debts.