A Complete Walkthrough of the Healthcare Revenue Cycle Management Steps

 

Healthcare revenue cycle management is an intricate financial procedure employed in clinical facilities to coordinate the clinical and administrative tasks related to claims billing, payment, and collections. This also encompasses the detection, evaluation, and collection of medical service revenue. Healthcare facilities employ healthcare management solutions to improve both quality and efficiency in the processes related to these three revenue streams. 


 

In the U.S. and all over the world, healthcare revenue cycle management is used to track the patient’s revenue, from their initial appointment or encounter with the healthcare system until final payment of their balance. For instance, in January 2021, PlayMaker Health, a post-acute sales enablement and business intelligence platform, and HealthRev Partners, a revenue cycle management service provider, teamed up to deliver impactful solutions to drive and maximize revenue growth.

Healthcare revenue cycle management is an important part of healthcare infrastructure. Healthcare organizations employ computerized performance management and electronic health records to save costs related to the maintenance of their books. This can be achieved by reducing the number of rejected claims and facilitating individuals to adopt online payment platforms. With increasing business, patients are adopting certain payment gateways to pay against services received in hospitals or clinics.

Healthcare revenue cycle management can improve all aspects of a medical facility's financial processes. Not only does this improve claims processing by reducing errors and helping to close the loop holes that allow errors to persist, but it can also improve collections and payer accuracy. This improvement can make it more efficient for hospitals to provide health care to patients and cut administrative costs related to this process by improving the collection process as well. Healthcare management solutions allow hospitals to get paid faster for all of their services, thereby allowing the hospitals to focus on providing high-quality health care.

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