Revenue cycle management is the financial process that begins when a patient walks through the door and ends when payment is successfully collected. Revenue cycle management encompasses everything from patient estimates at the point of service (POS), to insurance eligibility verification (including copays and deductibles), financial counseling (including for charity care), pre-authorizations, coding claims, denials, reimbursements, billing and collections.
In short, revenue cycle management is the financial lifeblood for the healthcare industry and hospitals.
Healthcare is expensive—and healthcare providers rely on incoming revenue to pay for it. But collecting revenue is highly complex and difficult. Consider the fact that healthcare providers uniquely must contend with:
Revenue cycle management's aim, therefore, is to help healthcare providers:
TransUnion offers cost-effective solutions for all of these revenue cycle management trends and challenges. The key is to maximize reimbursements both in the front- and back-end of the revenue cycle.
On the front-end, ClearIQ, an intelligent, exception-based platform, enables providers to improve the patient access experience and maximize staff efficiency with task-driven, user-defined work queues. On the back-end, eScan, a post-service eligibility system, recovers reimbursements from third-party payers.
Both platforms integrate our HFMA peer-reviewed solutions and use TransUnion’s comprehensive consumer data and analytics to provide a clear picture of a patient’s financial health:
Let TransUnion Healthcare's revenue cycle management solutions help you better understand your patients’ true financial situation and efficiently move them through a stressful aspect of being a patient.
With access to data on an estimated 500 million consumers worldwide, get highly accurate registration and eligibility data.
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