Growing a medical practice entails a lot of work, what with the clinical concerns coupled with matters of management and finances that need to be handled. Whereas an employed doctor concerns himself mostly about treating his patients, a medical practice owner will have to make sure that revenue flows efficiently into the coffers. This particular concern is referred to as revenue cycle management.
The Medical claims process
The process from the time a client calls to be treated until his bills are completely paid off can be quite lengthy and complex. For instance, the medical practice will first have to gather enough data about the patient, including insurance information to find out what treatments are covered by his insurance provider. This is where revenue cycle management (RCM) comes into play.
What exactly is RCM?
Essentially, RCM makes use of computer technology to keep track of the claims process throughout every point of its duration to ensure that it can proceed without a hitch. This also allows the medical practitioner to address any potential problems that might arise at some point, so that the claim won’t just end up being denied by the insurance provider.
Another important aspect of revenue cycle management is eligibility verification, so that the practice can tell whether a particular patient is eligible for a particular treatment, according to his insurance. Doing this verification even before the patient visits can save the medical establishment a lot of trouble.