Healthcare RCM, or revenue cycle management, refers to the system used in which healthcare facilities utilize medical billing software. It can speed up the financing process as it tracks each patient’s care from the time they register and schedule their appointments to when they make their final payment. RCM makes everything easier for the patient as well as the medical provider.
Healthcare facilities purchase and use RCM to store their patient’s information and manage the billing process. An effective RCM system will reduce the amount of time it takes between when the patient receives care and when the doctor is paid by interacting with additional healthcare IT systems.
Time is also saved when the healthcare RCM system handles jobs that were previously taken care of by an employee. These jobs include tasks such as reminding patients of appointments, reminding patients of the balance they owe, and touching base with insurers when a patient’s claims are denied.
The system reduces denied claims by prompting medical employees to enter all required information for the claim process before submitting the application to the insurer. When all the information is there, the provider won’t have to revise or resubmit the claim a second time. If the claim is still denied, they are then offered insight as to why, and they can fix the problem quickly. The result is that the medical provider is properly reimbursed for the care they have given the patient.
A medical organization can buy this software from companies like GeBBS Healthcare Solutions that allows them to properly manage the financial side of their business. The patient is well taken care of from the time they book an appointment until their balance is paid off, and the provider receives exactly what they are owed.