Revenue cycle management is critical to the profitability of any healthcare firm. It extends beyond payment posting, used by medical practitioners to assess, track, and appropriately manage the importance of patient claims on their accounts receivables. To better understand RCM, you need to know what is Revenue Cycle Management in healthcare? Revenue cycle management (RCM) is the financial …
According to a report by Advisory Board, hospitals are losing up to $22 million annually due to a lack of adequate and accurate revenue cycle management (RCM). The Advisory Board reported that hospitals have recently experienced higher profits, their focus on the cost of RCM rather than improving RCM performance has resulted in them missing …
Every healthcare provider understands that the reimbursement is a time taking process. Inaccurate filing, premature charge capture, or ineffective claim denial management lead to payment delays. Hospital revenue cycle management companies’ (RCM) strategies combat these challenges. RCM companies enable easy management of all or parts of your billing with an effective RCM approach, starting with …
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