HEALTHCARE REVENUE CYCLE MANAGEMENT
Healthcare revenue cycle management (RCM) is the financial process used by healthcare providers to administer all functions associated with patient service revenue throughout the entirety of a patient’s care journey, from scheduling and account creation to billing and final payment.
Why is revenue cycle management important in healthcare?
Benefits of Revenue Cycle Management (RCM) A well-designed RCM system tracks patient care simplifies the billing and collection cycles, by registering, appointing, scheduling and processing the payment. … It save providers money by reducing the amount of denied claims and enabling patients to pay their bills online.
Griffin Global Health IT and EHR systems have helped to streamline and provide more accuracy to healthcare revenue cycle management strategies. Many organizations use technology to track claims throughout their lifecycles, collect payments, and address claim denials. Ultimately, these technologies facilitate a steady stream of revenue.
Healthcare revenue cycle management is continuing to evolve and keep pace with rapid changes to the healthcare ecosystem, such as value-based care. Healthcare professionals should always be aware of how their revenue cycle is doing in order to provide appropriate care and receive appropriate reimbursement.