Today’s Challenges for Revenue Cycle Management in Healthcare Systems
Revenue cycle management is at the core of any health care service provider’s sustained existence and growth. The RCM process keeps track of patients and the revenue side of their treatment. Healthcare providers may make use of standalone RCM software or incorporate it into their medical appointment software or plug it into the EHR system. Regardless, it plays a crucial role and covers various steps. Steps in the revenue management process The hospital RCM process covers: Pre-registration of a patient Registration Charge capture Claim submission Remittance processing Insurance follow up Patient collection There is more by way of gathering data, analyzing it and deriving information that helps to identify weak spots and bottlenecks. The RCM system is complex and needs a thorough grasp of how it works for operators to derive the optimum benefit and overcome inherent challenges in the RCM. According to Advisory Board , hospitals can lose about $22 million without having an accurate a