For years, healthcare providers have been regarded as servicemen who help heal the society. However, healthcare professionals are people who need to keep up with the times and sustain their businesses, too. Even with the best-in-class services, a healthcare business can see its downfall if its finances aren’t handled with care. That’s what Revenue Cycle Management is all about. In the recent times, the healthcare industry has started to transition from free-for-service to value-based-service with RCM.

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The basic functionality of an RCM is to manage the administrative and clinical functions – related to the processing of claims, settling payment and generating revenue. Having an RCM process is that successful helps a healthcare practitioner in delivering better patient care. Without a suitable RCM process, a healthcare professional might end up under the pile of poor billing practices, financial losses, potentially risking the business, drop in the quality of patient care. This transition towards an RCM process has empowered healthcare providers with several benefits; as such – saving time, maintaining efficient records with RCM and EHR (Electronic Health Records), automating appointments and payment reminders, determining a patient’s insurance status, tracking and completing unpaid claims, providing with insights for review, and hence, generating higher revenue.