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 create a massive load of efficiencies that
save time and money for RCM companies and healthcare providers. We 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 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
If you are interested to explore how RCT can improve your business – reach out to info@aurorarcm.com for a free consultation.
