What is Revenue Cycle Management or RCM ?
Revenue Cycle Management (RCM) refers to the process of identifying, collecting, and managing the company's revenue from customers based on the services provided. A successful RCM process is essential for a healthcare practice to maintain its financial strength and continue to provide quality care to its patients. The move to value-based reimbursement and comprehensive patient care has forced healthcare providers to take a closer look at the way they manage their revenue streams. Poor billing practices can result in financial losses and can compromise the ability to provide quality care. Working to improve and standardize key operating systems can help providers maintain revenue. Financial Process Management Challenges The revenue cycle begins when a patient makes an appointment and ends with successful payment collection. However, there are many intermediate steps that must be completed efficiently and effectively to ensure timely payment. The potential for human error due to co...