Every healthcare organization should find the right medical software, including electronic medical records (EMR) systems and medical practice management software.
Fremont, CA: Any healthcare organization's central financial mechanism is revenue cycle management (RCM). If medical practices, hospitals, and laboratories are to thrive and make a profit, they must create an efficient and successful RCM process.
Unlike many other industries, healthcare providers seldom realize how much they will be paying when they offer their services. Furthermore, since there is a time period between delivery of care and payment, it is crucial to manage funds responsibly to keep accounts receivable going.
The "payers," who are entities such as insurance firms, are central to the RCM process. Payers are the entities that compensate providers for their services. Although patients may be required to pay a co-pay at the time of service, the vast majority of costs are billed to payers in the form of a "claim."
Here's how the process generally works from start to finish:
Eligibility verification: When a patient walks into a medical office, their insurance eligibility is verified, and vital patient data is entered into the practice's electronic health record (EHR).
