Efficient Medical Billing Services By Unify RCM (2024)

FAQs

Is in house medical billing better than outsourced RCM? ›

Remote RCM: What's Better? Outsourcing your revenue cycle management to an experienced team is a great option for almost any practice. Outsourced RCM experts are more affordable, highly skilled, and can provide everything your office needs for a fraction of the cost of in-house billers.

RCM includes medical billing but also integrates various other financial and administrative processes including but not limited to the following: Coding. Compliance. Collections.

Revenue Cycle Management. Revenue cycle management (RCM) in healthcare is the business process that enables organizations to be paid for providing services. There are 17 unique steps in the revenue cycle, which begins with patient scheduling and ends with payment reconciliation.

Percentage of collections

This gives the medical billing company an incentive to follow-up with claims persistently and help you earn maximum reimbursem*nts. You'll typically see medical billing services charge anywhere between 4-10% of total collections.

Conclusion. We have discussed two common types of medical billing; Institutional Billing vs. Professional Billing. Professional and institutional billing are different fields and require expertise to do their respective jobs effectively.

The recipient of goods/services should pay GST under RCM. However, as per the provisions of GST law, the person supplying the goods must mention in the tax invoice whether tax is payable under RCM.

As per section 49(4) of CGST Act'2017, ITC can be used for payment of output tax only. Therefore tax under reverse charge can be paid through cash only without availing the benefit of ITC. The supplier must mention in his tax invoice whether the tax is payable on reverse charge.

Unlike medical billing, which solely focuses on claims submission and payment processing, RCM covers a broader spectrum, including patient scheduling, registration, insurance coverage verification, eligibility checks, coding, claims denials management, payment posting, and collections.

EHR is currently the most widespread type of software used in hospitals around the world. It is an efficient modern alternative to hand-written charts that allows hospitals to store information in a more organized and secure way.

How does RCM work? ›

RCM is a concept within the GST system where the liability to pay tax is shifted from the supplier of goods or services to the recipient (buyer) of those goods or services. In simple terms, it means that the buyer becomes responsible for paying the tax directly to the government instead of the seller.

It is a crucial aspect of healthcare administration that ensures the effective management of patient service revenue. A well-designed RCM system improves billing and collection cycles by accurately processing payments.

The best Medical Biller jobs can pay up to $97,500 per year.

Medical billers process services provided to patients and submit claims to insurance companies. They follow up with the claim to ensure it is processed and paid in a timely manner.

AAPC's 2024 Medical Coding and Billing Salary Report shows annual income averages for medical records specialists across the 50 states and territories differ by up to 31.5 percent, with the highest in California at $76,695, and the lowest in West Virginia at $52,556.

What is better in-house or outsourcing? The decision between in-house and outsourcing depends on a number of variables, including project requirements, skills, and budget. Outsourcing offers access to specialized talents and cost-effectiveness while in-house offers more control.

When medical billing is done in-house, you have direct control and oversight over financial processes. You can simply walk down the hall to ask your staff questions and have them answered in real time. You can also have any billing changes implemented instantaneously.

Pros of Outsourcing Medical Billing

Maintaining an in-house billing team requires significant financial investment in salaries, training, and technology. Outsourcing allows you to convert fixed costs into variable costs, paying only for the services you use. This can result in substantial savings for your practice.

Once your business has grown, outsourcing your supply chain management may be more costly than bringing it back in-house. With outsourcing, you have less control over things like productivity, lead time and inventory management. Outside forces, like wage or tax increases, can also drive up costs.