What is revenue cycle management all about? In general terms, RCM is among the most integral components of a truly profitable medical practice. In fact, a special Practice Profitability Report from relevant entities CareCloud and QuantiaMD has shown that in order to improve their practices’ operational performance, physicians tend to focus on billing and collection processes. One can call RCM fundamental; a building block that holds an entire medical enterprise aloft.
With 2015 nearing the midpoint, improving revenue cycle management processes is as important as ever considering upcoming tweaks (the ICD-10 implementation, for one). That said, here are a few RCM enhancement tips for your practice fit for the current year.