Best Practices in Revenue Cycle Management for Physician Practices and Medical Groups
Best Practices in Revenue Cycle Management for Physician Practices and Medical Groups
7 PagesRevenue Cycle Management (RCM) is a critical set of processes healthcare providers employ to collect revenue from payers for healthcare and related services rendered to patients. It involves several aspects such as patient data management, coverage verification, and authorization management, maintenance of comprehensive documentation of patient-doctor encounters, encoding of documented information into standard formats associated with the specific payer(s), active follow-up on payment requests, management of denials and rejections by the payer, etc. A robust RCM program is essential for the financial health of the healthcare providers, i.e., physician practices and medical groups.
