In any business, there would be always that one client who can be slow when it comes to settling their invoices. Although this can present a huge headache for you, there is actually a way to deal with it. In the hospital and healthcare industry, such way of dealing with ensuring the proper collection of payments is known as Revenue Cycle Management.
RCM in Hospitals and the Impact of Incorrect Information
The revenue cycle in hospitals typically start as soon as the patient steps in, and ends with them paying the bill. There are cases, however, when the settling of payment can be quite complicated. One good example of this would be when the information encoded in the system is erroneous and the hospital has to take into consideration healthcare benefits such as disability social security. Fortunately, there is a way to deal with this – skip tracing.