What is Revenue Cycle Management?
It is necessary for healthcare facilities from large hospitals to small practices to manage the administrative and clinical functions that includes claims processing, payment and revenue generation. This management process is called Revenue Cycle Management. It includes identifying, managing and collecting patient service revenue.
The revenue cycle starts when the patient makes the appointment and ends with successful payment collection. RCM bring together the business/administrative side and the clinical sides of healthcare.
It maps the treatment provided to the patient to the patient’s name, insurance provider and other personal information.