To keep your healthcare facility running, quality service must be backed up with profitability. To ensure that adequate revenues are getting into your cash flow, a revenue cycle management system must be set in place. Knowing what is revenue cycle management (RCM) is just the first step; the more important step is managing your facility’s income generation activities from claims processing and payment collection up to revenue generation. This cycle starts by the time a patient calls for an appointment and ends once the account balance turns zero.
Process automation is not enough
Disorganized and inefficient workflow, coding errors, lack of staff training—these are just some of the many factors that hinder optimal RCM productivity. Although there is software that let you effectively monitor the claim process, HealthCareFinanceNews.com maintains that using them would be wasteful if you don’t eliminate fundamental problems prior to the implementation of said programs.