The coronavirus has put a tremendous strain on healthcare facilities’ revenue cycle management. Some are overburdened by the influx of patients, while others are struggling with almost no patients at all. Situations like these are why so many places are furloughing staff and cutting costs where they can in order to stay afloat. One… Read more »
Tag: revenue cycle management
How the Coronavirus is Impacting Revenue Cycle Management
As the coronavirus spreads across the country, hospitals and medical offices must manage the influx of patients to care for and tests to administer. This puts a tremendous strain on the day-to-day management of a healthcare facility, including those associated with revenue cycle management. While caring for patients is our number one priority, the financial… Read more »
How Technology Can Improve Revenue Cycle Management
Revenue cycle management, also known as accounts receivable, is an important part of every medical practice. Good RCM can help you treat patients more effectively and keep your practice financially stable. In the digital age, technology is a key tool in improving your RCM. Here’s how: Reduce the risk of human error Human beings are… Read more »
4 Tips to Improve Your Revenue Cycle Management
Having good revenue cycle management, also known as accounts receivable management, is necessary for any medical practice that wants to keep treating patients. Unfortunately, many practices do not manage their finances effectively, resulting in outstanding payments and financial strain. By adopting good RCM strategies, however, you’ll be able to put your medical practice back on… Read more »
How Rural Medical Practices Can Overcome Revenue Cycle Challenges
Every medical practice has their own revenue cycle challenges. Rural medical practices, however, often have to endure a unique set of challenges due to their socioeconomic situation. These challenges can lead to rural healthcare facilities losing money and even shutting their doors entirely. In areas where the next doctor is often miles away, it’s important… Read more »
What is Revenue Cycle Management?
One of the most crucial aspects of managing a medical practice is to ensure that the finances are in order, something that is critical for being able to maintain the operation of the medical practice. Revenue cycle management (RCM) is another terminology for Accounts Receivable, or the collection of insurance carrier and patient payments which… Read more »
SGR (Sustainable Growth Rate) delays – again!
Why isn’t Congress supporting our healthcare providers? Every year we go through this agonizing time frame of facing a 20% cut in Medicare payments, while Congress constantly bypasses their responsibility. Congress can’t be penalized for their lack of appropriate actions, so they do what is in their best interests. Typical political selfishness. Our government expects our healthcare providers… Read more »