Revenue Cycle Management

Healthcare payment technology speeds up the revenue cycle.

Revenue cycle management for any healthcare practice involves identifying, managing, and collecting revenue based on the services rendered to patients. While the cycle starts with scheduling and completes with payment, RCM continuously centers around the patient.

• Scheduling
  Appointment scheduling starts the cycle.
• Patient Payment
  Patient pays an estimated amount while still in the office.
• Registration
  Patient completes forms and provides insurance information.
• Claims Submission
  Provider submits claim to insurance for reimbursement.
• Estimation
  Insurance eligibility, verification, and estimation of a patient’s responsibility.
• Insurance Adjustment
  Provider adjusts receivable and patient balanced owed.
• Patient Visit
  Patient receives services from the provider.
• Balance Billing
  Patient receives a link to pay balances online or receives a paper bill.

Typically, this process can take 30 days or more per patient visit, underlining the need for technology to help accelerate the revenue cycle management.

Following a strategic plan for success, healthcare revenue cycle management identifies, manages, and collects patient revenue for the betterment of the practice. Rectangle Health’s practice management interface and digital payment tools make it easier for practices to get a better handle on their revenue cycle management.

Rectangle Health’s Practice Management Bridge optimizes your healthcare revenue management process, assisting with:

• Registering the patient digitally
• Securing card on file for timely payment
• Collecting patient payments at point of care
• Offering multiple payment methods after care
• Monitoring the overall medical billing process
• Texting the patient about appointments and payments

Interfacing with an existing practice management software, Rectangle Health’s healthcare payment platform makes healthcare RCM an easier process throughout the patient cycle of care.

• Track claims
• Capture payments
• Address claim denials
• Facilitate steady revenue

Rectangle Health offers your patients the options and service they have come to expect today, while helping you protect revenue flow with increased automation and enhanced security. Our convenient payment solutions make it easy for your staff to collect payment at the time of service, and your patients to meet their financial obligations after the appointment.

Our proprietary Practice Management Bridge improves revenue cycle management and creates more consistent patient payments, resulting in increased payment processing efficiency and stable cash flow. Rectangle Health interfaces with any practice management system, and our functionality is an attribute no other enterprise can match in size or scale.

Digital unification of data and systems allows for efficient revenue cycle management

Rectangle Health offers healthcare software solutions to successfully automate traditionally manual tasks and paper-based processes as key functionality within contemporary revenue cycle management. Bringing disparate systems together, consolidating patient payment information, and interfacing seamlessly with existing practice management software allows for more automated RCM processes.

Practices that adopted digital engagement technology report significant benefits of digitalization. According to industry reports:

• 64% said their collections rate improved.
• 55% spent less money on billing.
• 46% reported an immediate return on investment.
• 27% reduced the number of days spent in accounts receivable.

Practices that use Practice Management Bridge report that the solution:

• Reduces FTE workload, statements, time, and A/R by up to $12,000. Based on 1K/transactions per month and $18.50 per hour wage.**
• Reduces the number of calls the staff makes, or receives, per day by 20%.
• Reduces the number of paper statements sent by up to 30%.