What does a Revenue Cycle Management company do? It’s an important and often-asked question. Revenue cycle management (RCM) is essential to any successful healthcare organization. It is the systematic process of ensuring businesses receive payment for their goods and services…
Healthcare revenue cycle management (RCM) is essential to any successful healthcare organization. It is the process of monitoring and analyzing claims and billing data to maximize the efficiency and profitability of a healthcare practice. RCM is critical to the success…
Machine Learning in Revenue Cycle Management is a hot topic because of its potential to improve accuracy and transparency in billing processes. But what are a few practical uses cases beyond the hype? Here are five practical use cases for…
Revenue cycle management is important for healthcare organizations because it ensures that they are reimbursed for the care that they provide. Proper management of the revenue cycle includes billing, collections, and payments. It is important for healthcare organizations to have…
The news: Akasa Survey Seeks to Understand ROI of RCM Automation The backstory Akasa (@akasahealth) released a survey of 40 health systems looking to understand how each measures the ROI on RCM automation. Health Systems surveyed all collected >$1b in…
The typical revenue cycle begins when a patient schedules an appointment and ends when the provider is paid for services rendered. Along the way, several steps must be completed for the provider to get paid. These steps include: Revenue Cycle…
The news: Fathom, the automated medical coding company raises $46m Why it matters Coding is one of the more complex tasks in Revenue Cycle Management (RCM). It also requires that coders are certified, which limits the supply of Coders. The…
What is Revenue Cycle Management? A great question! Revenue cycle management is the process used by a hospital and healthcare providers, like Doctors, to collect payments from patients or insurance companies for medical services. The revenue cycle encompasses all activities…
Revenue cycle management (RCM) is how healthcare organizations manage patient care and financial data to optimize reimbursement and reduce the cost of care delivery. The revenue cycle begins when a patient is seen by a provider and ends when the…
The news: Vanderbilt Health leverages automation to alleviate RCM staffing pressures Why it matters Since implementing an RCM automation strategy in 2017, Vanderbilt Health has seen revenue increase from $3.3b in 2017 to $5.5b in 2022. While not all attributed…
The news: Adonis raises $5.6 million to automate Medical Billing Why it matters The funding of companies tackling the complex world of Revenue Cycle Management through automation and Ai continues. The backstory Two Brothers (@akashmagoon) decide to leave their successful…
The news: Oracle Cerner releases RevElate AI billing solution The backstory EHR vendor Oracle Cerner (@Cerner) announced this week that they’ve released RevElate, a “clinically-driven patient accounting system.” Why it matters The solution is designed to review an entire encounter…