Revenue cycle contract management software can be advantageous for providers looking to decrease claim denials and maximize reimbursement for their organization.
Ralph Catalano, senior vice president of operations for CareCloud: Take full advantage of your RCM vendor's contract management software features. This is underused functionality. The steps may be somewhat time-consuming but the investment is worth it. Gather your payer contracts. Get a demo of the contract management software. Input the contract terms. Educate your vendor/partner about contract nuances (if they are providing insurance follow-up and denial management services for you). The software should identify and report on incorrect payments from the insurers. The potential discrepancies can amount to a significant percentage of practice revenue.
To learn more about RCM software vendors, access this story from Becker's Hospital Review.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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