CentraMed RMD creates a discrete, internal Revenue Management Department (RMD) which provides the infrastructure necessary to capture revenue at the point of service, produce an accurate bill, and collect expected payments.
CentraMed’s RMD provides for the creation and implementation of a discrete team of professionals that are trained and developed by our internal and highly-skilled revenue management educators. This team reviews a multitude of patient finance transactions on a daily basis, as well as the ongoing identification of error generating contributors and patterns of revenue leakage. Using CentraMed’s proprietary RM Analytics as the central data repository to house all review results, the RMD is effectively engaged in revenue generating activities with real cash results through error correction and prevention.
Starting with the identification of your required revenue management team composite, CentraMed provides all supporting tools, expertise, training, development and support needed for the construct and ongoing management of your RMD.
Once the infrastructure needs are complete and agreed upon, CentraMed provides the job descriptions, recruitment assistance and initial intensive training required to assist your teams efforts in revenue management, on both a transactional and process basis. CentraMed further provides onsite and remote development and management with the RMD staff and leadership. Continued educational training, specialty webinars and online training, quality reviews, departmental and executive team meeting assistance and all reporting needs are included throughout the typical 3-5 year contract term of the initial engagement.
CentraMed also provides quarterly and fiscal year end presentations to the key stake holders of your choosing – most typically with the CFO. CentraMed’s expertise in the aggregation and analyses of healthcare revenue management data and – combined with your RMD’s results can provide detailed observations and recommendations to keep your RMD focused on meeting financial targets.
The cost of an RMD runs historically and consistently at 10% to total cash production – a 10x return on investment.