Revenue cycle management (RCM) is the total process of managing the finance of a healthcare organization from patient registration to payment posting. This complex process has many steps, including managed billing, charge capture, coding and insurance verification. Effective RCM allows healthcare facility providers to have an improved cash flow, reduce administrative burdens and optimize their finances. By managing the entire revenue cycle, healthcare specialists can focus more on patient care while keeping their financial house in order.
Medical billing is the process of submitting and following up on claims to insurance companies to get paid for services rendered by healthcare providers. It’s a big part of the revenue cycle and directly affects the financial health of medical provider.