What is RCM?
Revenue Cycle Management (RCM) is a financial process that utilizes Medical Billing software that is used by Healthcare organizations to search patient care events, from registered and appointed arrangements to final payment balances.
Time management and productivity play key elements in healthcare RCM. There are Four key players involved in the Revenue Cycle Management of healthcare system namely:
- Healthcare Provider
- Billing Company
- Insurance Payer
The Healthy Revenue Cycle
A healthy Revenue cycle includes management and functions of clinical management that helps capture, manage, and collect patient service income and encompasses the full life cycle of a patient interaction from start to finish.
Revenue Cycle Management collect the clinical and business aspects of healthcare by combining administrative data such as patient names, insurance providers and other personal information with patient-received treatments and their data of healthcare. Loop execution is predictable when processes are executed correctly. Problems in the beginning stages of the revenue cycle process can produce significant chain reactions. Revenue could be more expensive if more mistakes happen in the revenue cycle.