Healthcare Revenue Cycle Management Defined
Revenue Cycle Management (RCM) is the collective process of administrative and clinical functions that contribute to charge capture, claims submission, and collection of patient service revenue. RCM begins with appointment scheduling and ends when the account balance is resolved through reconciliation of all third-party payments, contractual adjustments, write-offs, and/or patient payments. A well-designed RCM system streamlines the billing and collection cycles by accurately preregistering, making appointments for, and scheduling patients; collecting existing balances; creating clean claims; processing payments; and responding to insurers when a claim is denied.
The Role of a Revenue Cycle Management Partner
In the dynamic healthcare landscape, partnering with a specialized RCM provider like HealthTECH can be transformative. We don’t just manage financial details; we become a seamless extension of your team, enhancing your focus on patient care. Our partnership approach, leveraging your EMR system, ensures data control remains with you. As your billing experts, we aim to optimize revenue recovery, reduce claims denials, and improve your Days Sales Outstanding (DSO), thereby empowering your staff to help drive the growth of your practice.
HealthTECH RCM Services
At HealthTECH, our expert team focuses on bolstering your financial health by reducing billing errors, curtailing claim denials, and enhancing collections. We ensure compliance with evolving medical coding standards, safeguarding your revenue stream against disruptions and regulatory penalties. Our commitment is to your financial well-being.