When does the revenue cycle begin?

A revenue cycle begins in healthcare when a patient schedules a meeting with a healthcare provider or seeks assistance related to any medical situation. The process ends when practices get paid for the services they offer to patients.

What is the RCM cycle in medical billing?

RCM stands for revenue cycle management in medical billing, which consists of a series of steps. Healthcare providers take these steps to ensure they receive payment for the services they provide.

What is RCM optimization?

The goal of revenue cycle management optimization is to provide actionable insights into current revenue cycle operations over time, with the aim of correcting problem areas, improving productivity, reducing costs, and increasing revenue.

What is the relationship between EHR and RCM?

Electronic health records (EHR) and revenue cycle management (RCM) systems are interconnected. EHR holds and stores the patient’s data, while RCM uses that data to streamline the billing and payment processes.

What are the three strategic pillars of revenue cycle management healthcare?

The three primary pillars of revenue cycle healthcare are people, process, and technology. People refer to healthcare providers, staff, patients, and payers as individuals who are involved in the revenue cycle, including billing, coding, denial, and payments. The process elaborates on the workflow and procedure used to manage the revenue cycle, starting with patient registration and ending with payment collection and reporting. The technology includes software and tools that the RCM staff uses to manage and operate the revenue cycle.