Virtual healthcare and RCM

Virtual Healthcare and RCM

Virtual healthcare refers to online/virtual meetings that take place between patients and clinicians via technology — the video and audio connectivity that allows “virtual” meetings to occur in real-time from virtually any location.

A virtual meeting can be a videoconference between a doctor and a patient at home. It could mean that a patient can interact with a physician via a high-definition conference facility at their local clinic instead of traveling to another city. It can also give patients the chance to find qualified second opinions online more readily.

Thus far, Virtual Healthcare has been used chiefly for meetings and consultations, check-ins, and status reports rather than for in-depth diagnosis or treatments. As technology evolves, more severe conditions like diabetes are falling under the influence of virtual healthcare.

Virtual Healthcare also better enables specialists to monitor situations or procedures from remote locations. Patient Monitoring at home has also helped treat patients with chronic conditions like Diabetes and Hypertension.

Virtual Healthcare has emerged as a widely accepted vehicle for care delivery – providing a way for healthcare organizations to recover lost revenue and patient volume while providing much-needed care. It also offers convenience and quick access to care and social distancing requirements.

Importance of RCM in Virtual Healthcare

When COVID-19 hit, providers raced to virtual healthcare. As a result, more than 80 percent of physicians/medical institutions are already using it or planning to adopt it. However, providers need to optimize virtual healthcare across all processes to reap the most benefits, including administrative and financial fields.

This will create greater efficiency, improve the clinician and patient experience, and increase revenue from both payers and patients. As a result, providers can have a strategic advantage that increases patient loyalty and market share.

Even if the providers already use Virtual Healthcare, it can be beneficial to take a step back and ensure that the comprehensive workflow – including all Revenue Cycle Processes – is seamless and streamlined. Mapping the end-to-end workflow will ensure that the providers have adapted processes appropriately – fostering efficiency and a positive experience for Clinicians, Staff, and Patients.

Equally important is ensuring the virtual healthcare services are integrated with Revenue Cycle Technology. For example, the same workflows utilized for Patient Outreach, Appointment Scheduling, Coding, Billing, and Reimbursement processes should be applied to virtual healthcare meetings to ensure you’re providing an effortless experience for patients and maximizing reimbursement.

Knowing the Payer Requirements is critical to avoiding Denials and Maximizing Reimbursement but staying abreast of the changes requires substantial time and dedicated resources. Medical Institutions/ Hospitals/ Physicians should ensure that internal staff or a trusted partner continually monitors requirements related to billable telehealth services, documentation, and coding updates. This resource/partner should have experience interpreting CMS and payer rules and extensive knowledge about health plan coverage, state laws, and state and federal coverage requirements. In addition, they should understand how to maximize reimbursement revenue by leveraging all billable personnel and services.

Take steps to avoid denials and ensure accurate reimbursement by communicating any coding and documentation requirements updates to clinicians and revenue cycle staff. Make sure you’re leveraging technology as much as possible to ensure proper claims submission.

iMagnum – Ideal Partner for Virtual Healthcare Providers 

iMagnum provides best-in-class Pre-Billing services Post Billing and Offers Revenue Improvement opportunities. We are an organization driven by passionate young leaders having end-end RCM experience for over two decades. Managing large-sized hospitals and physician groups like IPA’s, ACOs, Acute Care Hospital, and Large Physician Groups revenue cycle is our key competence.

The birth of iMagnum was an outcome of process hard-ships the Hospitals, Physician Groups, and Independent Physician Groups have to experience every day to get their reimbursement. We felt our clients deserve a much better experience to treat the patients at ease while iMagnum manages their End-End Revenue Cycle.

iMagnum vision is to build the process on Technology solutions that provides enhanced experience for our clients in terms of speed of delivery, quality, and most importantly, transparency and accountability with complete ownership of End – End Revenue Cycle.

So, What’s Different at iMagnum:

  • Service Delivery at 2x speed with the industry-accepted Quality Standards
  • Guaranteed Outcome – Accountability of Cash Goals
  • Old AR Recovery – Commitment of Expected collections before signing the contract
  • Furthermore, the cost of having iMagnum as a Partner is Cheaper

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