Revenue Cycle Management Definition Healthcare
A revenue cycle management manages revenue vital for hospitals by providing patient care services through outstanding payment management with the help of medical billing software and insurance companies.
Revenue cycle management definition healthcare. Revenue cycle management rcm is the process used by healthcare systems in the united states and all over the world to track the revenue from patients from their initial appointment or encounter with the healthcare system to their final payment of balance. The healthcare financial management association defines revenue cycle as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue. Revenue cycle management also helps a medical entity recover patient accounts receivable. For most healthcare providers rcm is present from pre registering a patient all the way through payment collection.
Definition health care revenue cycle management consists of the tools methodologies and techniques that medical institutions use to review patients financial situation issue invoices and collect payments from the federal and state governments insurance companies and other organizations. Revenue cycle management in healthcare rcm is the business process that enables organizations to be paid for providing services. A revenue cycle management rcm is a financial administration which helps hospitals to be efficient with their finances and patient service.