BC Advantage - 2023 Issue 10

2024 Guide: 13 Steps of Revenue Cycle Management

In the ever-evolving world of healthcare, revenue cycle management (RCM) plays a crucial role in the success of any medical practice. Efficient RCM ensures timely and accurate payment for services rendered, which can significantly impact the financial health of a practice.Efficient RCM StepsTo help you navigate the complex world of RCM, we have put together a comprehensive guide with 13 steps that every practice should follow.Step 1: Verify Patient Insurance EligibilityBefore any services are rendered, it is essential to verify the patient's insurance eligibility. This step ensures that the practice is aware of any co-pays, deductibles, or...

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