Revenue Cycle Management: Benefits and Best Practices

Revenue cycle management is most commonly seen in the healthcare industry specifically because of the extreme and increasing complexity of healthcare billing and reimbursement.

While RCM software is most commonly thought of as relating to claim submission, insurance denials, and payment collection, administrators can and should expect that an RCM system provides end-to-end management of the patient/revenue process.

The best RCM software will minimize claim denials, deliver invoices more quickly for faster turnaround, and provide exception-based reporting when manual intervention is required.

Choosing an outsourced RCM system can be a challenge. Once a system is deployed, and staff are trained on its use, it can be difficult to decide to change course. This places pressure on administrators to make the right decision the first time.