Revenue Cycle Management
Revenue Cycle Management
Revenue Cycle Management
Revenue Cycle Management (RCM) is vital for healthcare practices, involving fund management and payment collection for services rendered. Prioritizing financial management ensures sustainability in the competitive healthcare landscape. RCM includes billing, payment processing, and revenue collection, forming a recurring cycle.
Sagewood Medical Billing's RCM team provides comprehensive services to optimize practice management. From system implementation to patient communication and payment collection, we enhance processes and technology, positively impacting your clinic's revenue cycle.
Revenue Cycle Management
Revenue Cycle Management (RCM) is vital for healthcare practices, involving fund management and payment collection for services rendered. Prioritizing financial management ensures sustainability in the competitive healthcare landscape. RCM includes billing, payment processing, and revenue collection, forming a recurring cycle.
Sagewood Medical Billing's RCM team provides comprehensive services to optimize practice management. From system implementation to patient communication and payment collection, we enhance processes and technology, positively impacting your clinic's revenue cycle.
How Does Revenue Cycle Services Fit Into Health Systems?
It probably comes as no surprise that RCM is critical to the lasting success of any healthcare organization. The revenue cycle for a health business includes the following steps:
1. Claim Preparation: Patient information is gathered before claim submission, typically before the first appointment or on the day of surgery for anesthesia providers. Eligibility and coverage are confirmed during this stage.
2. Claim Submission: The claim is created, charges are entered and coded, and then submitted to the patient's insurance.
3. Claim Management: This stage involves handling the claim during and after receiving the insurance response, including posting payments.
4. Receivables Collection: Payment collection, including pursuing payments from patients if necessary, issuing statements, and escalating to collections if needed.
5. Data Analysis: The billing team collects and analyzes data from the RCM software to minimize errors, increase payment likelihood, and optimize cash flow by reconciling costs against revenues.
How Does Revenue Cycle Services Fit Into Health Systems?
It probably comes as no surprise that RCM is critical to the lasting success of any healthcare organization. The revenue cycle for a health business includes the following steps:
1. Claim Preparation: Patient information is gathered before claim submission, typically before the first appointment or on the day of surgery for anesthesia providers. Eligibility and coverage are confirmed during this stage.
2. Claim Submission: The claim is created, charges are entered and coded, and then submitted to the patient's insurance.
3. Claim Management: This stage involves handling the claim during and after receiving the insurance response, including posting payments.
4. Receivables Collection: Payment collection, including pursuing payments from patients if necessary, issuing statements, and escalating to collections if needed.
5. Data Analysis: The billing team collects and analyzes data from the RCM software to minimize errors, increase payment likelihood, and optimize cash flow by reconciling costs against revenues.
Free Consultation
We know it can be hard to find the company to handle your medical billing. That's why we offer all new clients a free consultation.
Free consultation
We know it can be hard to find the company to handle your medical billing. That's why we offer all new clients a free consultation.