In this article we will learn the following;

The Revenue Cycle Management (RCM) is a crucial process that ensures a simpler billing and collection cycle, reduces denied claims, and improves the healthcare provider’s revenue. With quick and accurate claims processing and minimize claim denials, RCM helps in maintaining the provider’s revenue as well as managing patient billing records.

Revenue Cycle Management (RCM) is central to a healthcare provider’s improvement in ROI and contributes to patient satisfaction. However, the in-house staff might spend more time in actual patient care, or are not fully trained in various RCM tasks. There may also be a talent shortage in these RCM specializations. These scenarios may lead to errors in patient information, high denial rates, and ultimately lost revenue.

Clinical documentation is crucial to every step of a patient’s healthcare process. From providing physicians the necessary information to diagnosing a patient for proper treatment, clinical documentation enables healthcare companies to render high-quality services to patients and accurately record the transactions that are due. Clinical documentation improvement is implemented so that these healthcare providers can give physicians the necessary feedback to improve the said documentation.

Healthcare companies need to be organized in order to provide consistent patient satisfaction and maintain overall trust. If your patients’ information is missing or incorrect, you could spend more time working on claims rejections and back-and-forth passing of documents. This can lead to loss of revenue and low patient satisfaction.

Healthcare companies use Revenue Cycle Management (RCM) processes as a way to organize a patient’s journey from registration to reimbursement, but it doesn’t necessarily mean it’s an easy list of things to do. RCM staff often encounter problems that put the business at risk of patient distrust or legal charges. This brings leaders to find solutions on how to improve their RCM process and maintain quality healthcare.

In order to offer a seamless patient experience, healthcare providers see patient concierge as a crucial service because it enables patients to easily inquire about a doctor’s schedule, the type of tests they need to submit before a consultation or inquire about the lab test schedule and corresponding fees. But how can providers continue to maintain excellent patient care through patient concierge?

With 2020 just around the corner, healthcare companies are beginning to realize that the new decade is a decade of collaboration.