Outsourced Revenue Cycle Management

Enhancing Outcomes Throughout the Revenue Cycle for Complete Peace of Mind

Financial complexities surrounding long-term post-acute care (LTPAC) organizations are more challenging than ever—from expanding payer sources (each with its own unique contract, billing and collections mechanics) to evolving rules and regulations, new technologies, denial trends, the drive toward automation and more. As sands continue to shift, facilities must balance the need to adapt and evolve with daily demands of collecting revenue and minimizing potential lost dollars.

In these times, your revenue cycle must excel in every way possible. Richter’s comprehensive Outsourced Revenue Cycle Management Services are the solution that facilities around the country rely on. By taking the burden of revenue cycle management off your plate from day-one, we enable you to focus resources toward delivery of care across the post-acute continuum.

Common Revenue Cycle Challenges

• Understanding and complying with new and expanding payer sources
• Meeting regulatory compliance mandates
• Managing cash processes and debt reconciliations
• Accounts receivable recovery and resolution 
• Integrating technology and automation into the revenue cycle process
• Tracking revenue from admissions through accounts receivable (AR)
• Identifying efficiencies throughout the revenue cycle process

How We Solve Revenue Cycle Challenges

No longer must you hire, educate and retain full-time staff to handle the growing and complex assortment of revenue cycle management functions. Richter manages the universe of revenue cycle functions in your organization that contribute to the capture, management and collection of patient service revenue.

Utilizing Richter’s proprietary and time-tested service scope, our experienced team tracks revenue from admission/registration through collection of accounts receivable balances and everything in between. As this occurs, we partner with you to compile demographic and census data; manage cash processes and debt reconciliations; keep your employees confidently trained in the latest procedures, regulations and safeguards; and identify operational efficiencies to prevent poor financial performance.

Outsourced Revenue Cycle Management Services

Outsourced revenue management solutions from Richter include:

• Accounts receivable management
• Outsourced billing services – all payers:
  • Skilled nursing and rehabilitation facilities
  • Senior living communities/life plan communities/CCRCs
  • Home health and hospice agencies
  • Ancillary services
• Accounts receivable recovery and resolution – all provider types, all payers:
  • Comprehensive analysis, review and resolution of aged account balances
  • Billing Medicare copays and deductibles to secondary payers, including Medicaid
  • Completing bad-debt worksheets for inclusion in cost reports
  • Post-recovery reporting for allowable bad debt line
  • Relevant and usable insights on all of your organization’s AR processes:
    • What’s working
    • What merits adjustment
    • How much your current processes could be costing you
    • What types of improved processes can help ensure timely AR payments down the line
• Medicaid eligibility services

Richter’s Outsourced Revenue Cycle Management Expertise:

• Complete revenue cycle management outsourcing for optimal business performance
• Open and proactive contact, with multiple, coordinated levels of contact, from billing to management
• Capitalizing on the latest technology and financial processes for transparency and comprehensive metrics
• Focusing on the latest regulatory measures and compliance mandates
• Additional LTPAC consulting services throughout the post-acute continuum addressing all clinical and financial challenges
• Claims management techniques and processes producing maximum collections

The Benefits of Outsourced Revenue Cycle Management:

• Third-party professionals can offer additional and more in-depth RCM expertise and experience within the LTPAC industry
• Cost savings from in-house staff salaries, initial training and keeping skill sets up to date
• Time savings in hiring a third-party provider versus hiring and training in-house staff
• Outsourced RCM services are 100% customized to meet the particular needs of your business
• RCM professionals who are knowledgeable and up-to-date on the latest trends, regulatory measures and compliance mandates
• Billing services that encompass all payers and all states and include certified coders and experienced billing staff
• Claims management processes designed to produce cleaner claims and to minimize denials
• Processes and tools to effectively manage receivables and keep A/R up to date

How to Determine if You Should Outsource Your RCM:

• Is your staff overextended in trying to manage RCM processes in addition to normal job functions?
• Are you manually handling tasks such as verifying eligibility, coding claims, resubmitting denials or sending out invoices?
• Are you struggling with complex payer contracts and receiving maximum reimbursements?
• Are frequent billing and coding errors leading to high rates of claims denials?
• Do you have a disproportionate number of A/R balances over 30 days old?
• Are you missing deadlines for resubmitting or appealing denied claims?
• Are you routinely writing off bad debt and struggling to increase revenue?
• Do you have the budget to outsource?

Enhance Revenue Cycle Management Challenges With Richter

To learn more about how Richter can provide outsourced revenue cycle management solutions starting today, please fill out the form below to request more information or contact us here.