What Is Revenue Cycle Management (RCM) In Healthcare?

At its core, Revenue Cycle Management (RCM) is a systematic process that encompasses the entire patient journey, from scheduling appointments and verifying insurance eligibility to billing, claims submission, and payment collection. The primary objective of RCM is to maximize revenue while minimizing delays, errors, and inefficiencies in the billing and reimbursement process. The revenue cycle in healthcare starts when a patient schedules an appointment and continues until the healthcare provider receives full payment for the services rendered. This cycle involves several stages, each of which presents its own challenges and opportunities for optimization.At its core, Revenue Cycle Management (RCM) is a systematic process that encompasses the entire patient journey, from scheduling appointments and verifying insurance eligibility to billing, claims submission, and payment collection. The primary objective of RCM is to maximize revenue while minimizing delays, errors, and inefficiencies in the billing and reimbursement process. The revenue cycle in healthcare starts when a patient schedules an appointment and continues until the healthcare provider receives full payment for the services rendered. This cycle involves several stages, each of which presents its own challenges and opportunities for optimization.At its core, Revenue Cycle Management (RCM) is a systematic process that encompasses the entire patient journey, from scheduling appointments and verifying insurance eligibility to billing, claims submission, and payment collection. The primary objective of RCM is to maximize revenue while minimizing delays, errors, and inefficiencies in the billing and reimbursement process. The revenue cycle in healthcare starts when a patient schedules an appointment and continues until the healthcare provider receives full payment for the services rendered. This cycle involves several stages, each of which presents its own challenges and opportunities for optimization.