Revenue cycle management (RCM) is the management of finances, a crucial process that keeps an organization going on a daily basis. If facilities do not focus on their financials they would be scrambling no matter how excellent their patient care would be. In order to have an efficient revenue cycle, it is necessary to understand […]
A Flourishing Career – US Healthcare RCM
Revenue cycle management (RCM) is a critical process in the US healthcare system that helps every healthcare provider to be paid for the services it provided. It encompasses the activities of a healthcare setup right from patient registration to payment reconciliation. Every healthcare facility needs an efficient RCM process to maintain its financial viability and […]
What Is a Medical Claim and Its Importance?
A medical claim is a piece of document or a bill that healthcare providers submit to the insurance provider of a patient. This medical claim contains comprehensive data regarding the care and services provided to the patient in the form of unique medical codes. Such a medical claim generated by medical billing professionals serves as […]
Improve Patient Retention and Revenue Cycle with These Strategies
The success of a healthcare facility depends on its patient walk-ins of its existing and new patients. If you want your healthcare facility to have a regular flow of patient appointments, you must focus on patient retention and ensure that your existing patients do come back to you when they have any further issues. According […]
The Financial Impact of Postponement of Elective Surgeries
Coronavirus disease had a huge impact on various aspects of our lives including a whole range of medical services. Since the risk of transmission is high in crowded places and people with comorbidity risks have a higher susceptibility to the disease, many healthcare providers and patients preferred postponing the hospital visits of patients who didn’t […]
RCM Challenges Faced by Specialty Healthcare Providers
A robust and efficient revenue cycle management (RCM) plays a significant part in ensuring that healthcare organizations are on a profitable path. The RCM process largely defines the healthcare facility’s ability to collect timely revenues and utilize them to provide high-quality care to build trust among patients and enhance the brand value of the facility. […]
Rational Ways to Get Faster Insurance Payments
Your healthcare facility’s financial health depends largely on the medical billing process that collects the money due to you. You can regularly assess your financial performance by checking the accounts receivable reports focusing on the number of claims over 120 days. To check if your revenue cycle management process is performing effectively, you need to […]
What Is Revenue Cycle Management In Healthcare Facilities?
Revenue cycle management (RCM) is the management of finances, a crucial process that keeps an organization going on a daily basis. Medical billing plays a major role in the efficient functioning of the RCM process and thus the healthcare facility. If facilities do not focus on their financials they would be floundering no matter how […]
Create an Efficient Revenue Cycle with Effective Denial Management
A healthcare facility’s health depends on its revenues from reimbursements and out-of-pocket payments from the patients. While payments from patients can be collected with a little ease with a few processes in place, reimbursements from insurance payers are not that easy and they become even more difficult in cases where the claims are denied. A […]
Revenue Cycle Management in the Healthcare Industry
Hospitals, clinics, and small practices provide healthcare industry services that play a critical role in improving health and saving lives. Although providing healthcare is a service, healthcare providers cannot offer their services free of cost. Every healthcare organization has to develop and follow certain processes and uniform procedures to maintain their financial health and survive […]