To provide the best in healthcare, hospitals and other healthcare organizations must maintain optimum financial health. Revenue cycle management services (RCM) take advantage of technological advances to create financial processes that facilitate a smoother and more robust system to manage revenue from patients.
The revenue cycle for healthcare facilities can be complex. It begins when a patient requests services and continues until full payment is received. During this process there are elements of scheduling, insurance eligibility verification, patient account creation, claims submission, reimbursement from insurance, and invoicing and collecting any additional payments required from the patient. Ideally, this would go smoothly, and the healthcare provider is paid as quickly as possible. However, there are frequent complications associated with claims denials, errors in inpatient accounts, and point-of-service collection from the patient.
With its many moving parts, tracking a claim through its entire lifecycle can be an administrative-heavy and challenging task. To increase accuracy and streamline the process, many providers are turning to revenue cycle management services based on efficient and effective software. These systems can significantly reduce the time between rendering service and final payment as well as save the service provider money by reducing denied claims and administrative costs. Overall communication between the various parties is increased while errors are decreased.
An effective RCM service can result in better business and clinical results for healthcare providers. After all, a healthier financial outlook results in the capacity to do more.
