Revenue Cycle Management 2.0: The Key to Successful Healthcare Finance

The impact of COVID-19 means that it has never been more important for those in healthcare to manage their revenues effectively. As a result of the pandemic and several supplementary factors posed by the market changes, there are increasing pressures on healthcare providers to deliver better customer experiences and for more efficient administration.

This has, in turn, put greater emphasis on the need for Revenue Cycle Management (RCM) systems to enable a healthcare provider to better manage transactions between payer, provider and patients. It can, through the use of various software platforms, boost revenues, reduce denials and enhance the patient experience. According to a survey published by health technology company AKASA, nearly three-quarters of health systems surveyed, reported using active technology in RCM operations during the pandemic.