Ways to Enhance Revenue Cycle Management Using Technology
Revenue Cycle Management (RCM) is a hot topic in the Healthcare IT industry that refers to the revenue and cash-flow management of healthcare organizations through the use of revenue cycle software. The revenue cycle of a hospital includes items such as medical billing of patients, collections, filing of insurance claims, reimbursements, refunds, and claim rejections, among other things. Thus, RCM software is integrated with EHR and Accounting systems within Healthcare Organizations to ensure proper management of various financial and operational functions. Recent business trends and rapid technological changes are posing a significant challenge to many healthcare rcm services institutions. Hospitals that use outdated RCM systems with poor revenue cycle processes lose a significant portion of their earnings each year. As a result, it has become critical for businesses to implement an up-to-date RCM tool to save money and improve their processes. Implementing th...