What Is Revenue Cycle Management, and How Does It Benefit Health Organizations?
Health organizations may seem to generate positive revenues based on paper records but how much of it is actually realized and the speed of cash inflow tells the story of its financial health. Revenue collection can be negatively impacted by poor coding, errors in billing, and delays or denials by insurance companies. Most of these and other deficiencies can be overcome and addressed by the use of a revenue cycle management solution . What is revenue cycle management? (RCM) is a process, usually a part of EMR or EHR systems used by healthcare services. It is comprehensive in nature, ranging from scheduling appointments to registrations to giving a cost estimate to tracking a patient’s treatment to billing, recovery, and follow-up. With covid-19 pandemic hitting the healthcare systems on a global level, about 75% of healthcare facilities implemented RCM to continue serving the patients despite quarantine and social distancing measures. RCM software delivers proven benefits not only