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Why is revenue cycle management critical to the financial performance of healthcare providers? Provide an example of how healthcare providers evaluate revenue cycle management performance.

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Why is revenue cycle management critical to the financial performance of healthcare providers? Provide an example of how healthcare providers evaluate revenue cycle management performance.

Category: Coursework

Subcategory: Marketing

Level: Masters

Pages: 1

Words: 275

Revenue valuation management
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A revenue cycle management system keeps a record of the patient care and makes the billing and collection cycles easier by registering and processing the payment that is to be made by the patient. This enables the health facility to keep track of its financial matters. It assists the staff of the healthcare in recording all the information required in claims processing for insurance purposes. Therefore, it prevents resubmission of claims due to either lack of information or incomplete information (Zelman, McCue, Glick & Dawsonera, 2009).
Revenue cycle management in healthcare reduces the duration between offering a service and receiving payment for it, as it interacts with other health IT systems, for instance, electronic health record systems and billing system. This ensures that the healthcare provider makes the most out of a short period of time. Revenue cycle management helps save on time. This is due to duties being performed automatically unlike previously where it was performed by employees who can be sluggish in doing their work. As a result, it ensures that the organization gets more revenue due to it being able to serve as many patients as possible (Penner, 2013).
A good example of how healthcare providers evaluate revenue cycle management (RCM) performance is when deciding whether to hire a vendor to handle RCM for your practice. The following should be taken into consid…

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