Revenue Cycle Management

Revenue Cycle Management

Revenue cycle management (RCM) is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.

Revenue cycle management (RCM) automation has become a top priority for customers. With the decline in patient volumes and revenue due to the COVID 19 pandemic, plus the shift to remote work, only a highly automated revenue cycle can ensure a consistently short path to payment. Truly intelligent automation can scale to the vast number of tasks across the revenue cycle, while also adapting to inevitable changes in systems, interfaces, and regulations.

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Revenue cycle automation isn’t new, and it comes in multiple forms. Some of them — like the limited automation provided in electronic health records (EHR) and robotic process automation (RPA) — are relatively old. Choosing the correct type of automation, as well as formulating a strategy for supporting and sustaining it, is essential to maximizing revenue cycle efficiency.

Seek exponential yields through intelligent automation that evolves alongside
the revenue cycle itself and can also:

  • Be deployed quickly and remotely, without numerous consultants
  • Integrate tightly with all the important billing and EHR systems in use
  • Be developed and improved by credentialed AI and ML experts
  • Include true revenue cycle leadership and expertise
RCM

How does a Healthcare Revenue Cycle Work?

1. In-house RCM software

2. Pre-authorization

3.Proper Coding of
ICD-10

4. Submission & Patient Collection

5. Reimbursement and Denial Management

6. Patient Collection and Billing Reports