Home Health and Hospice Revenue Cycle Management
Efficiencies with revenue cycle management begin with intake and end with collections. Let’s review the key considerations for agencies to effectively manage billing processes for compliance, ample cash flow and financial success.
What is revenue cycle management (RCM) in home health and hospice?
RCM in home health includes all administrative and clinical functions that contribute to capturing, managing, and collecting patient service revenue. Effective RCM is crucial for the financial health and sustainability of home health and hospice agencies, ensuring they are paid promptly and fully for the care provided.
The RCM process typically involves:
- Patient Intake and Scheduling: Initial contact with the patient, gathering information, and scheduling services.
- Authorization: Obtaining necessary approvals from payers for services.
- Service Delivery: Providing home health or hospice services to the patient.
- Billing and Coding: Accurately coding services and submitting claims to payers.
- Payment and Collections: Tracking payments, following up on outstanding balances, and resolving any issues.
Strong RCM Process Benefits:
- Improved Cash Flow: Timely payments lead to a more stable cash flow for the agency.
- Reduced Denials: Accurate coding and billing practices minimize claim denials and associated costs.
- Increased Revenue: Efficient RCM processes help capture and collect all revenue owed.
- Operational Efficiency: Streamlined processes save time and resources.
Contact Proactive today to learn more about services to assist your agency achieve revenue cycle management success.
Written by:
Nichole McClain, RN
Principal Consultant of Home Health Services
Contact Proactive to learn more about Five-Star Improvement support services and develop a road map to Five-Star success in 2025.