The Healthcare Revenue Cycle Management industry has seen some sharp turns in the last 5 years. The increased availability of IT solutions and IT professionals around the globe has been a powerful driving force behind these industry re-defining innovations.
Interoperability between an EMR system and a Billing system has made automated billing a possibility. Automated Billing removes the gruesome manual labor of data entry from one system to another. This increases claim processing time, accuracy and creates a massive load of efficiencies that save time and money for RCM companies and healthcare providers. I like to call RCM companies that have embraced technology ‘Revenue Cycle Technology’ companies or ‘RCT’ companies.
RCT companies have realized the benefits of new IT capabilities and leveraged those capabilities to create meaningful solutions that make long term sense for themselves and their clients. More and more payers and large third party administrators have opened themselves up for integration. This makes claim status checks and denial resolution way more efficient than the traditional approach of calling payers.
Here is a list of Healthcare ‘Revenue Cycle’ Functions and how far RCT can impact these functions.
Revenue Cycle Management (RCM)
RCM is the use of use of systems, processes and people to generate revenue for healthcare services from insurance companies and patients while meeting all compliance requirements.
Revenue Cycle Technology (RCT)
RCT is the use of systems, processes, people and TECHNOLOGY to generate revenue for healthcare services from insurance companies and patients while meeting all compliance requirements
Green = Functions that can be automated up to 100%
Blue = Functions that can be automated up to 90%
If you are interested to explore how RCT can improve your business – reach out to email@example.com for a free consultation.
09/17/2020 – by CEO. AuroraRCM LLC.