Question

How does RCM affect the financial performance of an organization, quality of care, and patient experience

Answer 1

Healthcare revenue cycle management is the financial process that facilities use to manage the administrative and clinical functions associated with claims processing, payment, and revenue generation. The process encompasses the identification, management, and collection of patient service revenue.

Stronger Financial Performance: RCM outsourcing helps you obtain payments that you are legally permitted to collect, leading to an increase in revenues with the reduced overhead cost of in-house billing team salaries, expenditure on office equipment and technology upgrades, outsourcing.

Patient care : An effective RCM system can reduce the amount of time between providing a service and receiving payment by interacting with other health IT systems -- such as electronic health record (EHR) and medical billing systems -- as patients move through the care process.

Improves patient experience :

• Delivers the digital self-service experience your patients expect – including shopping for services, scheduling, check-in and payment
• Streamlines electronic referrals/orders and prior authorizations for faster care delivery and accelerated cash flow
• Enables price transparency, clear payment responsibility and financial advocacy
• Eliminates time-consuming and repetitive administrative tasks