Revenue Cycle Management (RCM)
Maximize your revenue and go home on time
Xcite RCM is a complete revenue cycle management (RCM) platform that enables you to focus entirely on patient care, while our sophisticated software and team of experts makes sure that you get paid what you deserve. Our RCM platform uses a sophisticated artificial intelligence engine to optimize the coding rules to maximize your revenue. Combined with a specialized back-office team that further optimizes your care choices, the Xcite RCM helps you improve profitability, have a happy and coordinated staff, balance your life, and go home on time.
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Benefits of Xcite RCM Services for Your Practice
- Increase your practice total cash collections
- Increased average % of claims paid after 1st submission
- Increased average % of claims that are current (0-60 days)
- Reduced claim denial rate and faster claims turn-around
- Improved net revenue to the practice
- Reduced outstanding patient accounts receivables
- Less loss claims
- Improved quality of care by having more time for patient care issues
- Less stress on your staff, and more focus on patient customer service
Complete Platform: EHR/PM/Portal, RCM and More
The Xcite first-in-class EHR/PM/PORTAL system accelerates your revenue cycle and cash flow with intuitive medical billing software featuring powerful, built-in billing rules. You can expedite clinical encounters with the fastest EHR on the market, which also includes a user-friendly patient portal for better engagement. Beyond RCM, other business services are available to help you free up more time. Additionally, the power of the cloud gives you access to your practice on any computer or mobile device.
The Xcite healthcare revenue cycle process includes everything from determining patient eligibility, collecting their co-pay, coding claims correctly, tracking claims, collecting payer reimbursements, following up on denied claims, patient collections, and more.
The Smartest System … To Smartly Maximize Your Revenue
Xcite RCM manages and monitors every stage of your revenue cycle — starting before the patient even comes in to the office – to long after they leave. Each critical task is closely monitored, leveraging a powerful artificial intelligence (AI) engine to make sure you get paid in full – and get paid faster.
With built-in contract management, audit, and simulation capabilities, combined with robust analytical capabilities, you and your staff can be confident that the optimal billing codes are being utilized for your practice. On top of this, your system is monitored by our experts, so you won’t need to worry about payments and collections, and you can fully concentrate on practicing medicine. Of course, at all times, you get access to all of your data without the worries of storing and securing it — we handle all of that for you.
The artificial intelligence engine constantly manages and monitors millions of combinations of billing and other process rules to maximize claim processing and payments – the first time. Effective claims management not only requires an understanding of how to negotiate payer contracts, but depends on familiarity with the complex and proprietary rules of each insurance company, knowledge of correct coding and timely filing methodologies, experience appealing rejected claims, and application of best practices for tracking and monitoring, like charge capture and receivables audits.
Increasing the success of 1st time claim processing is key, as it costs about $25 on average to resubmit a claim. Changes in these rules and conditions happen regularly throughout the year, and it takes time to keep abreast and make certain your staff is well-trained and up-to-date. However, with the Xcite RCM, the claim is analyzed before it is submitted, so you can improve collections and cash flow.
Optimize Your Time and Billing
Pre-registration practices that perform patient eligibility verification are key in determining what coverage the patient has and if referrals or pre-certs are needed for services to be paid. Pre-registration with Xcite RCM can also aid your staff in knowing how much of the service to collect up front as patient self-pay, right when the patient is in the office in front of your team (e.g., co-pays, deductibles and out-of-pocket). Practices that address this prior to services being rendered have better revenues.
Your efficiency at collecting on your patient balances is the other critical driver of your practice’s revenue. The total share that is the patient’s responsibility has been increasing in recent years, up to 23%, and the Centers for Medicare and Medicaid (CMS) estimates it will continue along that path in response to trends toward more consumer-directed healthcare products (HSAs, HRAs), decreased insurance coverage, and higher overall deductibles. This portion requires hands-on coordination from the staff, collection letters, calls to the patient or guarantor, budget payment plan capabilities, and most recently the ability to take patient payments on-line.
Run Your Business Intelligently
Xcite RCM’s embedded analysis tools give you real-time insights into the entire revenue cycle process, so you can closely monitor performance and make decisions to optimize billing. With insightful clinical, financial and operational metrics, you will be able to act fast to balance your practice, optimize your billing and optimize your time.
How We Get it Done – With 3 Simple Solutions:
Workflow, Use of Technology and a Qualified Team
The Xcite Revenue Cycle Management service can assist you in developing better workflow processes at the Front Desk for registration, eligibility, authorizations and referrals, collecting patient payments up front, and coordinating your use of the EHR to optimize coding.
Xcite’s unique RCM technology can provide features that you don’t have in your current practice management system, such as Contract Management, Automated Reimbursement Posting, Claims Follow-up, and Patient Collections tools.
As well, the Xcite RCM service professionals apply advanced principles and practices that will make a true difference in your cash flow, including benchmarking practices, analyzing remittance data to find variances from your payer contracts, and proactively uncovering or reverse-engineering payer rules.
We provide a staff of knowledgeable, friendly, efficient personnel to perform administrative and financial tasks that feed to your bottom line, while making your practice more about patient care and less about paperwork.
For more information about the Xcite Health Revenue Cycle Management platform, contact Xcite Health at (800) 924-8344.