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Revenue Cycle Management

Manage the business side of healthcare for continuous financial growth.

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Keeping track of patients throughout the payment cycle

As a critical process for the financial viability of a practice, revenue cycle management (RCM) seeks to make claims processing, payment collection, and revenue generation more productive and profitable for healthcare organizations.

Current healthcare revenue cycle management issues include:

  • Shifting away from the historical emphasis on insurance payments to now getting paid by patients.
  • Addressing the entire cycle holistically, rather than standalone components individually.
  • Coordinating with multiple vendors to complete the cycle.
  • Expanding RCM into both pre-care and post-care.
  • Incorporating patient touchpoints as an integral part of the revenue cycle.
Rectangle Health helps healthcare offices collect up to 50% more in A/R payments in ways that create a smooth customer experience for patients, ultimately boosting financial stability and growth.

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
    Patent 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.

Our revenue cycle management solutions benefit all providers.

Medical practices and healthcare organizations

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Dental practices and Dental Service Organizations

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Ophthalmology, veterinary, and all other specialties

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Solution highlights

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Automatic Posting

Our solution interfaces seamlessly with your existing practice management system to eliminate manual payment posting.

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Fast Credit Card Payments

Accelerate your payment cycle with timely deposits to your practice management or hospital accounting system.

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E-signature Storage

Make future payments hassle-free and use stored signatures for digital intake forms and email receipts.

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Electronic Payments

Process on virtually any device, including computer, tablet, smartphone, or POS systems.

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Convenient Payment Options

Accept more payments by including credit, debit and prepaid cards, as well as checks, ACH, and EBT.

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Contactless Payments

Allow for safe and secure payments through Apple Pay®, Google Pay™, Samsung Pay® and tap-to-pay cards.

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Flexible Payment Plans

Take the work out of payment plan administration, provide payment flexibility for patients, and reduce balances in accounts receivable.

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Card on File

Offer patients payment convenience and ensure that your office receives payment for your services.

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What it Means Why it Matters What You Should Do

Healthcare revenue cycle management is undergoing a profound change. Patients are seeing both their premium and out-of-pocket expenses increase because insurers expect them to shoulder more of the financial burden for care. That means medical and dental practices are becoming more dependent on patient payments for their cash flow. Healthcare revenue cycle management executives everywhere are examining how they collect patient payments and developing strategies that will ensure the sustainability of their organization.

This increased price awareness among patients has created a consumer mindset that healthcare has not seen before. Patients now expect their healthcare bill payments to be just as easy as paying their cable bill.

Practices can incur substantial expense to collect patient payments. Experts estimate each statement sent by providers costs between seven and nine dollars in administrative time, postage and supplies. So, organizations are looking for every opportunity to collect payment at the time-of-service or create automatic payment functionality to avoid sending expensive statements.

Additionally, many patients are finding it increasingly difficult to pay their medical bills, which could lead to higher levels of bad debt. Research shows there is only a 20% chance of payment if an account falls 90 or more days past due. Keeping days in accounts receivable low can have a profound effect on your revenue cycle management and key performance indicators.

In addition to employing the right technology to streamline payments and keep cash flowing, successful practices apply procedures and staff training which emphasize the importance of patient payments. Examples include:

  • Requiring insurance details when the appointment is made.
  • Staff training that ensures familiarity with payment constructs such as co-pays, deductibles and coinsurance.
  • Appointment reminder systems that mention payment is expected at the time-of-service.
  • Dedicated private space in the office where sensitive financial matters can be discussed.
  • Offering a payment plan that allows patients to pay in installments.

“When you hook up with somebody like Rectangle [Health], you don’t have to worry about that.”

With yearly patient billing numbers in the eight-figure range and an outdated payment process, Scott Sabolich Prosthetics needed technology to automate their billing and payment workflow in order to reduce A/R and increase staff efficiency.

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Security is our priority.

Rectangle Health securely stores healthcare payment information, protecting both your practice and patients with today’s highest standards for compliance and PCI.