Revenue Cycle Management
Revenue Cycle Management (RCM) refers to the entire billing process, from start to finish. Typically, RCM workflow involves providing administrative solutions to organizations in lieu of technology.
RCM is widely used within the healthcare industry, the Healthcare Financial Management Association (HFMA) defines revenue cycle as, “All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” Revenue cycle processes flow into and affect one another, and when these processes are executed correctly, the cycle performs predictably. However, as business requirements and complexities increase, bottlenecks become visible, travelling through the revenue cycle, resulting in cost escalation.
Introducing the ACTS Revenue Cycle Management (RCM) Accelerator
Using the ACTS RCM Accelerator, the following benefits can be realized:
- Approval workflows within each process of the RCM cycle
- Improved cash flow & decreased financial rejections
- Quick collection cycle – decrease in A/R days
- Improved documentation, reporting and data integrity
- Risk-free outsourcing with stringent information security policies
- Highly productive functioning of RCM
About ACTS Revenue Cycle Management Accelerator
The primary goal of RCM is to streamline administrative costs and enhance operational efficiency levels, while reducing errors and bottlenecks. Providers need to maximize their revenues by optimizing the existing RCM processes.
Traditionally, businesses have looked at the billing office as a ‘back-office’ function, hence given less importance. When you look at the true revenue cycle in its entirety, it becomes clear that every member of the office affects your ability to be paid in full. It is important that the focus of the revenue cycle be prevention of bottlenecks that slow down the processes causing losses and reducing productivity levels. For instance:
- Enhanced communication among employees with the organization
- Using a platform that provides ease of use for resource sharing and collaboration
- Establishing workflow consistency, and goal setting capabilities
The ACTS team has:
- Expertise in enhancing RCM solutions
- Expertise in leading RCM solutions across several industries