Artificial Intelligence Holds Promise in Improving Revenue Cycle Management in Healthcare
Healthcare providers have been forced to reevaluate their approach to revenue cycle management due to the transition towards value-based compensation and more comprehensive patient care.  Ineffective billing practices can result in financial losses and compromise the ability to deliver high-quality care. This is where revenue cycle management comes in.  It is a process that helps […]
What Do Scrubbers Do in Revenue Cycle Management?
Medical billing can be a complicated process. The smallest of errors can lead to denied claims and a whole lot of lost time. The State of Claims 2022 report from Experian Health states that healthcare claim denials are a recurring issue for healthcare providers.  According to up to 75% of survey participants, claims are rejected […]
Thriving in Value-Based Care: The Impact of RCM Optimization
Healthcare practices utilize revenue cycle management (RCM), a financial process, to streamline all administrative and clinical activities involved in the revenue cycle to increase financial performance, boost operational efficiency, and guarantee timely and accurate payment. RCM guarantees providers receive fair and complete payment for the medical treatment they give to patients. In the fee-for-service model, […]
Copay vs Coinsurance : What is the Difference?
COPAY VS COINSURANCE: WHAT IS THE DIFFERENCE? Understanding the distinction between copayment and Coinsurance is extremely important to manage healthcare expenses effectively. Both refer to cost-sharing methods, they, however, work differently to help you pay your healthcare costs according to your financial ease. Health insurance expenses can quickly pile up. Cost sharing is when your […]
Hadi Chaudhry on The Definitive Healthcare Podcast
The healthcare industry has seen massive growth in the adoption of digital health technologies such as electronic health records (EHR) and revenue cycle management (RCM) software. Providers often see them as a necessary evil, partly due to the lack of awareness of their potential. EHR systems provide healthcare providers with tools to improve workflow and […]
How AI is Benefitting the Revenue Cycle Management Process
AI is present in our daily life, sometimes without even knowing it. AI technology is being used to improve our human efforts’ speed, accuracy, and productivity. Examples include automated vacuum cleaners, self-driving automobiles, and even manufacturing robots. In a recent Pega poll, 33% of participants believed they employed AI technology. But, when questioned further, 77 […]
How Does a Successful Healthcare Revenue Cycle Management (RCM) Flowchart Look
Healthcare companies must use effective revenue cycle management (RCM) to maintain both operational and financial stability. RCM assists medical practices in increasing income, cutting expenses associated with administration, and enhancing patient experiences by optimizing procedures from patient registration to billing. The revenue cycle is managed smoothly and error-free when data-driven billing and collection techniques, such […]
Critical Revenue Cycle KPIs Your Organization Needs to Watch to Prevent Healthcare Claim Denials
As a practice owner, you must know what’s happening in the back office. A clear understanding of billing and account receivables provides you with a precise picture of the status of medical practice. If a healthcare practice falls short in meeting revenue goals, it needs to make a plan to improve this scenario. For this […]
How Much Healthcare Revenue Cycle Management (RCM) Services Cost in 2024?
The provision of medical treatment to patients should be the sole focus of the healthcare industry. Any additional responsibilities detract from the primary duty of providing quality care. Additionally, healthcare workers lack the training and expertise needed to offer medical billing services. They must therefore be trained. On the flip side, outsourced revenue cycle management […]
6 Key Features of Revenue Cycle Management (RCM) Solution
For a steady cash flow, positive financial health, and survival in competitive healthcare space, your medical practice or healthcare facility needs tight control over the revenue cycle management (RCM) solution you intend to deploy. But, before you decide on which RCM vendor to go with, you must understand the main features required to benefit the […]
