What is the Difference Between Medical Billing and RCM?

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What is the Difference Between Medical Billing
and RCM?
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What is the Difference Between Medical Billing
and RCM?

• At their core, Medical Billing Services and
  revenue cycle management solutions aim to
  facilitate the collection of financial data from
  healthcare providers. However, there are some
  major disparities between the two. This blog
  helps you understand these differences. Moreover,
  this article tries to answer the question of
  whether you should hire a Certified Professional
  Coder or Healthcare Revenue, Cycle Manager. How
  they help the administrative management of a
  hospital or clinic.
• What is Medical Billing?
• Medical Billing is a process that has the
  following steps
• A medical staff renders the medical history from
  a patient.
• After that the medical staff forwards this to the
  insurance companies.
• Follow up with the insurance companies to know if
  the insurance company covers the following
  service or not. Moreover, it can help to know
  what amount is the patients responsibility and
  what amount the insurance company will pay.
• After the appointment the staff files a claim and
  follows up till the insurance company pays the
  assured amount.
• It is essential that this exercise is done
  rigorously so that the physician gets the due
  amount for the services he renders. It is not
  necessary that a doctor appoints a medical staff
  for this purpose. Private or third-party
  organizations with Expertise In Medical Billing
  Services can do this job very easily. A number of
  small and large practices bank on Medical Billing
  Companies and outsource their work.

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What is the Difference Between Medical Billing
and RCM?

• This helps these medical and dental practices to
  concentrate on their core job and save a lot of
  money.
• Now let us find out about the concept of Revenue
  Cycle Management (RCM ) of Healthcare.
• What Is Revenue Cycle Management?
• Revenue cycle management is also known by the
  short name RCM. The Revenue Cycle Management
  Process comprises many stages. Medical billing is
  one of these stages. The main work of a revenue
  cycle management company is to execute all the
  administrative processes of the practice. The
  processes include the following
• Collect the history of patients
• Notify the upcoming appointment date to the
  patients
• Get the required information from the insurance
  companies in regards to the claim
• Maintain a balance between the payer and the
  patient.
• As Healthcare RCM Providers we have seen that
  many physicians confuse between medical billing
  and revenue cycle management. However, both of
  them are completely two different concepts.
• Now, lets see the main difference between the
  Medical Billing Process and Revenue cycle
  management.

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What is the Difference Between Medical Billing
and RCM?

• How are Medical Billing Services and Revenue
  Cycle Management Distinct from each other?
• Let us now check the major differences between
  these two services so that we can understand this
  process better.
• Medical billing and coding is a small part of
  revenue cycle management. On the other hand,
  revenue cycle management is the process that
  takes place with the help of physician billing
  and coding.
• In medical billing we just have to collect the
  patients medical history and give it to the
  medical staff. On the other hand, In revenue
  cycle management there are a number of other
  administrative tasks as well. This works might be
  one or all of the following
• Keep the record of the claims with the insurance
  companies
• Analyze the data
• Payer contracting
• Provider enrollment
• Work on Compliance
• Why Hire a Certified Coding Specialist or RCM
  Cycle Specialist
• The Revenue Cycle management system is a very
  vast system. It incorporates all the regulatory
  and administrative work. In a similar fashion, it
  also takes into consideration those clinical
  capacities of a practice or hospital that are
  related to service revenue. This is the role of
  the Revenue cycle as per the Healthcare Financial
  Management Association (HFMA).

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What is the Difference Between Medical Billing
and RCM?
Without an RCM Process Expert, the doctors
office burdens itself with a lot of paperwork.
This work is comparatively less related to their
professional work. Moreover, the staff cannot
focus on appointments and bring more footfalls at
the practice. In fact, most of the staffs time
is spent on these extra activities. This extra
work could be clerical work, discussing with
medical insurance companies about the benefits,
sending claims to insurance companies, following
up on claims, maintaining the patients records,
their financial bills, etc. Medical billing and
Revenue cycle management are tools in the hands
of physicians to ease these responsibilities.
This intern helps them focus on the main part
which is to take care of their patients. Legion
Healthcare Solutions (LHS) has specialists in the
field of medical billing and RCM. They have the
best team of experts that tailor-make plans for
your organization. They are also able to execute
a vigorous medical billing or RCM arrangement.
Moreover, they make sure to comply with all HIPAA
guidelines. Call today to open the doors of a
top-notch RCM and Medical Billing Service for
your medical or dental practice. I hope the blog
clears the air of doubt about the two processes.
What point would you like to add? Please share
your feedback and responses in the comments
section below.
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