{"id":527,"date":"2022-07-26T11:46:32","date_gmt":"2022-07-26T11:46:32","guid":{"rendered":"https:\/\/www.mhrcm.com\/blog\/?p=527"},"modified":"2024-06-27T12:34:28","modified_gmt":"2024-06-27T07:04:28","slug":"revenue-cycle-management-in-healthcare","status":"publish","type":"post","link":"https:\/\/www.mhrcm.com\/blog\/revenue-cycle-management-in-healthcare","title":{"rendered":"What Is Revenue Cycle Management in Healthcare?- RCM Updates 20"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"527\" class=\"elementor elementor-527\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4dccd9c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4dccd9c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fe891ef\" data-id=\"fe891ef\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b6149c elementor-widget elementor-widget-text-editor\" data-id=\"4b6149c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>By\u00a0 <a href=\"https:\/\/www.mhrcm.com\/author\/leo-john\" target=\"_blank\" rel=\"noopener\">Leo John<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd9398c elementor-widget elementor-widget-heading\" data-id=\"bd9398c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Healthcare Revenue Cycle Management\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c6fe49 elementor-widget elementor-widget-text-editor\" data-id=\"9c6fe49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tUnlike other businesses in industries, healthcare has multiple responsibilities on its account; the one we know is saving lives and treating patients, and the other one is to develop successful processes and policies for financially staying healthy. However, it\u2019s not simple; as said, the process involved in balancing the two sides is not complex but an arduous process that involves a dominant deal of knowledge extended through the various departments in healthcare. That is where revenue cycle management plays. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58d18ad elementor-widget elementor-widget-text-editor\" data-id=\"58d18ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tHealthcare revenue cycle management is the financial process of maintaining administrative and clinical functions associated with billing &amp; coding, claim processing, and revenue generation. Unquestionably, revenue cycle management is invaluable for healthcare, even for small clinics, to maintain a healthcare function as well as steer clear of revenue leakage. But the problem is your healthcare facility is up to maintaining a seamless cycle? There are a lot of considerations about the in-house team yet. So, let\u2019s discuss implementing<b> revenue cycle management<\/b> in healthcare and the superior way to maintain a revenue cycle.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89019f1 elementor-widget elementor-widget-image\" data-id=\"89019f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/healthcare-rcm-process.webp\" class=\"attachment-full size-full wp-image-15880\" alt=\"Healthcare Revenue Cycle Management\" srcset=\"https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/healthcare-rcm-process.webp 800w, https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/healthcare-rcm-process-300x150.webp 300w, https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/healthcare-rcm-process-768x384.webp 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afd9574 elementor-widget elementor-widget-heading\" data-id=\"afd9574\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Basic Workflow of Healthcare\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-529b69f elementor-widget elementor-widget-text-editor\" data-id=\"529b69f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Each step involved in the revenue cycle is crucial for accurate healthcare facility function. Technically, there are many chances for errors to be placed. <a href=\"https:\/\/www.mhrcm.com\/blog\/remote-patient-monitoring-and-revenue-cycle-management\" target=\"_blank\" rel=\"noopener\"><strong style=\"font-size: 16px;\">Revenue cycle management<\/strong><\/a> steps in healthcare begin with scheduling appointments when patients seek medical services from healthcare. And the process ends with organizations receiving all claims and patient payments. But the steps involved in the life of a patient\u2019s account are not straightforward. Let\u2019s look at the steps and pinfall areas to go over.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0018679 elementor-widget elementor-widget-heading\" data-id=\"0018679\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Pre-Authorization:\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2d8800 elementor-widget elementor-widget-text-editor\" data-id=\"f2d8800\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe initial revenue cycle management process is key to optimizing the RCM cycle. In this step, the healthcare provider collects the information to create a patient account that contains medical history and insurance coverage to establish a patient account. This is the step the healthcare provider or in-house team is responsible for verifying insurance eligibility. <a href=\"https:\/\/www.mhrcm.com\/blog\/choosing-the-best-revenue-cycle-management-outsourcing-firm\" target=\"_blank\" rel=\"noopener\"><b>Revenue Cycle Management<\/b><\/a> emphasizes accurately completing the step if a person already has an account. Incorrect information or ineligible insurance is the main reason the claim submissions lead to denial. This results in delays in reimbursement payments and additional work for the provider to comb through the patient\u2019s information.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af3cd4a elementor-widget elementor-widget-heading\" data-id=\"af3cd4a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Charge Capture:\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1144ae2 elementor-widget elementor-widget-text-editor\" data-id=\"1144ae2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThis is the step where provided treatments at healthcare facilities are transcribed into billable charges using universal medical codes. Further, these codes are converted into reimbursement payments by insurance payers. The patient\u2019s claim could be denied if the codes are incorrect and also cost healthcare time and cost to look up the errors to investigate and appeal. Therefore, an effective revenue cycle is crucial to maintain accuracy in coding to avoid claim denials altogether.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a28f9ae elementor-widget elementor-widget-heading\" data-id=\"a28f9ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Claim Submission:\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ab3f1f elementor-widget elementor-widget-text-editor\" data-id=\"5ab3f1f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOnce the charges are properly coded, the healthcare centers submit the claims to corresponding insurance companies so that they proceed with the claims and provide reimbursed payment to healthcare as per the contract. <strong style=\"line-height:1px;\"><a href=\"https:\/\/www.mhrcm.com\/revenue-cycle-management\" target=\"_blank\" rel=\"noopener\">Revenue cycle management<\/a><\/strong> ensures the claim submission as well as tracking and managing of the claims from the initial process. Error in claim submission results in payment delay.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26557f6 elementor-widget elementor-widget-heading\" data-id=\"26557f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Insurance Follow-Up:\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66a6529 elementor-widget elementor-widget-text-editor\" data-id=\"66a6529\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tInsurance follow-up is another significant process in the healthcare RCM. As per the estimation, 1 in 5 claim submissions are inaccurately processed, leaving the healthcare industry with an 80% accuracy rate in claim processing and paying. Some of the pinfall points in this step may be denial, underpayments, or non-payments. In this case, healthcare may not be satisfied with reimbursed percentage. An ideal revenue cycle management encourages healthcare providers to analyze administrative and clinical treatment data. This analysis helps them pinpoint the errors that occur in the cycle to eliminate and lower the expense of reviewing the errors.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1ddfe9 elementor-widget elementor-widget-heading\" data-id=\"c1ddfe9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key Steps in the Healthcare Revenue Cycle<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26aae66 elementor-widget elementor-widget-text-editor\" data-id=\"26aae66\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong style=\"font-size: 20px;\"> Scheduling: <\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2dcfcf elementor-widget elementor-widget-text-editor\" data-id=\"f2dcfcf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Reliability-Centered Maintenance (RCM) scheduling involves analyzing the functions and potential failures of assets to create a maintenance plan that ensures maximum reliability and efficiency. It prioritizes tasks based on risk and impact, combining predictive, preventive, and corrective maintenance strategies.<\/p> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b4aaaa elementor-widget elementor-widget-text-editor\" data-id=\"1b4aaaa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong style=\"font-size: 20px;\"> Registration: <\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b2a6f4 elementor-widget elementor-widget-text-editor\" data-id=\"2b2a6f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>RCM Providers capture medical history, insurance coverage, and other patient demographics. Accurate front-end information reduces back-office errors and rework. <\/p> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1b7d85 elementor-widget elementor-widget-text-editor\" data-id=\"a1b7d85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong style=\"font-size: 20px;\"> Prior Authorization <\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69050c0 elementor-widget elementor-widget-text-editor\" data-id=\"69050c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p> Prior authorization (PA) is a requirement from a health insurance company for a healthcare provider to obtain approval before prescribing a specific medication or performing a medical service to ensure coverage. <\/p> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b8ee2c elementor-widget elementor-widget-text-editor\" data-id=\"0b8ee2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong style=\"font-size: 20px;\"> Treatment and Discharge: <\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36ab851 elementor-widget elementor-widget-text-editor\" data-id=\"36ab851\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p> RCM Provide necessary medical care, monitor patient progress, educate on post-care, arrange follow-up, and ensure safe discharge with comprehensive instructions. <\/p> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df05e0a elementor-widget elementor-widget-text-editor\" data-id=\"df05e0a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong style=\"font-size: 20px;\"> Claim Submission: <\/strong>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2096cef elementor-widget elementor-widget-text-editor\" data-id=\"2096cef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Log In: Access your account on the provider&#8217;s website.<\/li><li>Fill Form: Complete the claim form with necessary details.<\/li><li>Attach Documents: Upload required documents.<\/li><li>Submit: Review and submit the claim.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b457b84 elementor-widget elementor-widget-image\" data-id=\"b457b84\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/revenue-cycle-management-in-healthcare.webp\" class=\"attachment-full size-full wp-image-15879\" alt=\"Revenue Cycle Management in Healthcare\" srcset=\"https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/revenue-cycle-management-in-healthcare.webp 800w, https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/revenue-cycle-management-in-healthcare-300x150.webp 300w, https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/07\/revenue-cycle-management-in-healthcare-768x384.webp 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02b004b elementor-widget elementor-widget-heading\" data-id=\"02b004b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"> Best Practices and Efficient Step to Implement RCM in Healthcare<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74db8f7 elementor-widget elementor-widget-heading\" data-id=\"74db8f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">RCM Software or Outsourcing\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e61aee5 elementor-widget elementor-widget-text-editor\" data-id=\"e61aee5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDeciding how to handle the Revenue Cycle Management is the first step. First, determine this question to answer, how big your healthcare organization is? If you\u2019re fairly limited with your facility and have a good IT team with hospital staff who are all well versed in handling <strong style=\"font-size: 16px;\">medical billing software<\/strong> on board, then you can install RCM software. On the other hand, outsourcing with an expert is best if you\u2019re running a multi-spec healthcare organization with multiple physicians. Moreover, facilities with limited staff expertise will also find it beneficial to focus on patient care by outsourcing RCM with third-party experts.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7ed23e elementor-widget elementor-widget-heading\" data-id=\"d7ed23e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Automate Insurance Validation\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e62f368 elementor-widget elementor-widget-text-editor\" data-id=\"e62f368\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tVerifying insurance eligibility and coverage during patient registration is essential while integrating revenue cycle management in medical practice. Many insurance companies uncompromised the requirements for pre-authorization and insurance verification. Suppose your in-house team isn\u2019t able to conduct accurate data despite patient care. In that case, modern <a href=\"https:\/\/www.mhrcm.com\/blog\/how-to-switch-medical-billing-software\" target=\"_blank\" rel=\"noopener\"><b>medical billing software<\/b><\/a> includes automatic eligibility checking over secure channels on the internet to speed up the verification process with seamless data.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7eb4332 elementor-widget elementor-widget-heading\" data-id=\"7eb4332\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Know Patient\u2019s Balance\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83fef8c elementor-widget elementor-widget-text-editor\" data-id=\"83fef8c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWhile implementing RCM in healthcare, it\u2019s crucial to be well aware of the patient\u2019s payments. Any pending payments must be looked after with medical billing solutions. Pending payments will increase the AR duration and cause an impact on healthcare revenue. The best way to complete the payment cycle is by collecting payments or balances during check-in and check-out of hospital visits. RCM in <a href=\"https:\/\/www.mhrcm.com\/medical-billing\" target=\"_blank\" rel=\"noopener\"><strong style=\"font-size: 16px;\">medical billing<\/strong><\/a> enables your in-house team to track patients\u2019 balances and help to receive payments promptly.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-232bdf4 elementor-widget elementor-widget-heading\" data-id=\"232bdf4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Cohere to Compliance Standards\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e32f2f elementor-widget elementor-widget-text-editor\" data-id=\"5e32f2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tHealthcare organizations must stick with HIPAA regulations, and healthcare providers must submit claims to insurance companies electronically in an approved format. Paper works for keeping patient\u2019s claim records could lead to errors and miss the accuracy. Healthcare should adhere to HIPAA regulations to make the patient\u2019s information more secure and accessible. RCM in healthcare enables to file accurate <strong style=\"font-size:17px;\" >medical billing<\/strong> documents as well as more secure information.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee1a03a elementor-widget elementor-widget-heading\" data-id=\"ee1a03a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Manage Claim Denials\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb933a2 elementor-widget elementor-widget-text-editor\" data-id=\"eb933a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tClaim denial is the major reason why some healthcare providers lack revenue cycle management in <strong style=\"font-size:16px;\">medical billing<\/strong>. Claim denials occur for several reasons, most importantly coding errors, duplicate claims, and lack of information on pre-authorization. This is the reason why it\u2019s significant to look closely at the claim process. By implementing RCM, your staff can track and recognize the pattern of errors to prevent and help understand why the claim is denied.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1ab0b5 elementor-widget elementor-widget-heading\" data-id=\"c1ab0b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bottom Line:\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9010e58 elementor-widget elementor-widget-text-editor\" data-id=\"9010e58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe above practices for implementing RCM in healthcare would streamline your healthcare facility\u2019s administrative and clinical workflow. However, RCM is a long-term plan to invest money and time. The five best practices can increase cash flow and reduce account receivables and expenses if your healthcare and in-house team follow up to conventional standards. Are you concerned about your in-house team focused on your duty (caring for patients)? We can assist you in that part of maintaining a streamlined revenue cycle with end-to-end revenue cycle management solutions. MHRCM ensures each step of the revenue cycle with expert resources and high-centric capture to maintain a seamless cycle. Get your free quote today for medical, dental and therapy RCM solutions.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-eb32054 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eb32054\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a76fc65\" data-id=\"a76fc65\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a91938 elementor-widget elementor-widget-text-editor\" data-id=\"3a91938\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Related Resource :<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cc50db elementor-widget elementor-widget-text-editor\" data-id=\"4cc50db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><strong><a href=\"https:\/\/www.mhrcm.com\/blog\/beat-increasing-denials-with-better-hospital-rcm-practices\" target=\"_blank\" rel=\"noopener\">Denials Revenue Cycle Management Practice<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.mhrcm.com\/dental-revenue-cycle-management\" target=\"_blank\" rel=\"noopener\">Dental Revenue Cycle Management Company<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.mhrcm.com\/account-receivable-management\" target=\"_blank\" rel=\"noopener\">Accounts Receivable Management<\/a><a href=\"https:\/\/www.mhrcm.com\/dental-revenue-cycle-management\" target=\"_blank\" rel=\"noopener\">\u00a0<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.mhrcm.com\/practice-management-services\" target=\"_blank\" rel=\"noopener\">Practice Management Services<\/a><\/strong><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b56cde7 elementor-widget elementor-widget-heading\" data-id=\"b56cde7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">About the Author<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0d42b8e box-container elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0d42b8e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5dd7712\" data-id=\"5dd7712\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-16a4428 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16a4428\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b49019f\" data-id=\"b49019f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f2e134a elementor-widget elementor-widget-heading\" data-id=\"f2e134a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.mhrcm.com\/author\/leo-john\" target=\"_blank\"> <strong> Leo John <\/strong><\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ee85cf5\" data-id=\"ee85cf5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d1f20d9 elementor-absolute elementor-view-stacked elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"d1f20d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/www.linkedin.com\/in\/leo-john-007039249\/\" target=\"_blank\">\n\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin\"><\/i>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a23f4c elementor-position-right elementor-vertical-align-middle elementor-widget elementor-widget-image-box\" data-id=\"5a23f4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><a href=\"https:\/\/www.mhrcm.com\/author\/leo-john\" tabindex=\"-1\"><img decoding=\"async\" width=\"113\" height=\"123\" src=\"https:\/\/www.mhrcm.com\/blog\/wp-content\/uploads\/2022\/04\/Leo-John.webp\" class=\"attachment-large size-large wp-image-10339\" alt=\"Leo John\" \/><\/a><\/figure><div class=\"elementor-image-box-content\"><p class=\"elementor-image-box-description\"><p>  Leo John is a finance strategist and IT professional at MHRCM and is passionate about revolutionizing revenue cycle management (RCM). <p> <\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-9c56782 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9c56782\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3781b3e\" data-id=\"3781b3e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-943cfa7 elementor-widget elementor-widget-heading\" data-id=\"943cfa7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.mhrcm.com\/author\/leo-john\" target=\"_blank\">More Leo's Articles<\/a><\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e768a68\" data-id=\"e768a68\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4625f26 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"4625f26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/www.mhrcm.com\/author\/leo-john\" target=\"_blank\">\n\t\t\t<i aria-hidden=\"true\" class=\"icon icon-right-arrow\"><\/i>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Unlike other businesses in industries, healthcare has multiple responsibilities on its account; the one we know is saving<\/p>\n","protected":false},"author":11,"featured_media":26513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[14],"tags":[],"class_list":["post-527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue-cycle-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is Revenue Cycle Management in Healthcare? | Healthcare RCM<\/title>\n<meta name=\"description\" content=\"Revenue cycle management in healthcare is explored, what it is, how it works, and more. MHRCM expert advice on RCM best practices for healthcare in 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mhrcm.com\/blog\/revenue-cycle-management-in-healthcare\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Revenue Cycle Management in Healthcare? | Healthcare RCM\" \/>\n<meta property=\"og:description\" content=\"Revenue cycle management in healthcare is explored, what it is, how it works, and more. 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