Revenue cycle management in healthcare (RCM) is the business
process that enables organizations to be paid for providing services. For most
healthcare providers, RCM is present from pre-registering a patient till the
payment collection. In RCM, Time management and efficiency plays a significant
role. The health organization’s choice
of EHR can be largely centered on how their RCM is implemented.
Globally healthcare industry is going through tremendous transformation
with respect to coding system, regulations for improving patient care and
decreasing costs. Hence for all HealthCare
organization, be it a multi-location hospital network or a one-doctor private
practice, revenue cycle management has become a fundamental component to master
for all healthcare providers.
The revenue cycle involves interaction with patients,
including insurance verification and both point-of-service and after-service
collections. Improper recording and mismanagement
of these functions can lower patient and clinical satisfaction scores and
damage the reputation of the organization through avoidable denials and bad
debts. In view of declining healthcare reimbursements, more healthcare organizations
are shifting their strategic focus to revenue cycle management technology.
No matter the size of a practice, hospital or health system,
failure to optimally prioritize RCM and revenue collection efforts can halt
growth, increase operational risk and create an uncertain financial future. Hence
it is of utmost importance that healthcare organizations and practitioners must
analyze their revenue cycle management and evaluate what methods can be
implemented to realize maximum benefits for all parties involved.
Visit: www.chis-rcmsolutions.com
For details call +91 7511194000, +91 7511194004
Email - info@chis-solutions.com
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ReplyDeleteI read your blog. Very good and useful information about hospital revenue cycle management . Thanks for sharing
ReplyDeleteThis is good informative article. get know more about insurance verification. MGSI has been offering Insurance Eligibility Verification services to its clients for more than a decade. The service is offered as part of the full revenue cycle management or as a ‘stand-alone’ service if needed.
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