Revenue cycle management (RCM) healthcare is the backbone of the healthcare industry. It manages the providers' finances and keeps them going daily to produce the best insurance verification as one of the results. It’s so important to understand the healthcare revenue cycle and the steps it entails. Our team envisions the Revenue cycle management as the ensemble of diverse processes including financial process, encompassing management of funds as well as collecting payment postings for the treatment clients offer their patients.
We try to break the revenue cycle into 7 basic steps, beginning with deploying RCM software or outsourcing the work to a third party, authorizing patients before service, determining patient eligibility and benefits, submitting claims, dealing with posted payments, managing denials, and generating reports.