Q: What is Revenue Cycle Management?

Revenue Cycle Management is a comprehensive approach that evaluates, improves, simplifies, and manages all administrative and clinical functions to optimize and expedite reimbursement. It starts when a patient calls to schedule an appointment and concludes with the posting of payments, adjustments, and ultimate zero balancing of that patient account.

Q: What are some of the main differences between a Revenue Cycle Management Company and a typical billing service?

A: While the differences are many, the biggest advantages of a working with a RCM company like HST are increased collections and decreased costs for physicians. Please see the chart below for a more detailed comparison:

FEATURE OR BENEFIT

HST Revenue Cycle Management Services

Typical
Medical Billing Service

In-House
Medical Billing Service

Reduced Paper Process and Costs
Encounter Captured at Time of Service
Includes Integrated Scheduler			MAYBE
Includes Integrated CCHIT certified EMR
Provides FREE E-Prescribing Software
Real Time Patient Balances		MAYBE
Fully Transparent
24/7 Secure Web Access
Designed to Promote Accountability			MAYBE
Designed to Manage by Exception
Reduced IT Expenses
Overall costs as a % of Collections	3-6%	5-10%	8-12%
Average Outstanding Days in A/R	29 days	45 days	46 days
Average A/R Older than 90 Days	8%	17%	19%
Write-offs Due to Uninsured Patients	0-2%	3-5%	3-5%
% of Claims Denied at First Submission	8%	25%	25%
% of Claims "Lost" / Never Submitted	0-1%	3-6%	2-5%
Qualify for PQRI Bonus Incenitives			MAYBE
Qualify for Medicare E-Prescribing Incentive			MAYBE
Qualify for $44,000 EMR Incenitives
Reduce No-show Appointments			MAYBE