An efficient revenue cycle management method is essential in the healthcare business. Administrative and clinical data, such as a patient's name, insurance provider, and other personal information, are combined with the treatment and healthcare data they receive in Revenue Cycle Management. One of the most important aspects of RCM is communication with health insurance companies.

1. Errors to Avoid in the Steps of Healthcare Revenue Cycle Management
Revenue cycle management is a word that describes the process of maintaining
a healthcare organization's financial health.
An efficient revenue cycle management method is essential in the healthcare
business. Administrative and clinical data, such as a patient's name, insurance
provider, and other personal information, are combined with the treatment and
healthcare data they receive in Revenue Cycle Management. One of the most
important aspects of RCM is communication with health insurance companies. Let
us define revenue cycle management and how it works before we go any further.
This is a universal PPP procedure in which the payer pays the provider for the
patient's services. From registration to appointment scheduling to final payment of

2. a balance, medical billing software is used by healthcare firms to track patient care
activities. The revenue cycle management process is composed of seven steps,
which are,
1. Preregistration,
2. Registration,
3. Charge capture,
4. Claim filing,
5. Payment processing,
6. Insurance follow-up, and
7. Patient collections.
This article goes over each of these processes, what they include, and what might
go wrong during the revenue cycle. Let us describe it to you in more detail,
1. PREREGISTRATION:
The revenue cycle process begins with preregistration, which is the most key
step. It enables medical practice to customers, insurance, and eligibility
information in real-time. Many things can be neglected if a provider lacks a detailed
preregistration process.
2. REGISTRATION:
The procedure of verifying that the patient's information is 100 percent
accurate is formalized through registration. Financial paperwork is signed and
insurance benefits are assigned during registration. There is a possibility of financial
consequences if these steps are skipped and the practice is audited.
3. CHARGE CAPTURE:
The third step in the revenue cycle is charge capture. It can be automated or
done by front desk workers the old-fashioned way. An experienced advisor can
assist you in locating missing charges and identifying charges that have been
miscoded.
4. CLAIM FILING:

3. The procedure of filing claims ensures that they are accurate and enter the
system correctly. If a claim is received in acceptable shape, it will be processed
more quickly. As part of the procedure, claims are routed from your practice
management system to a payment processor.
5. PAYMENT PROCESSING:
• Payment processing is the fifth step in the revenue cycle. Allowable is the
amount agreed upon by the provider and the insurance carrier for a service
rendered.
• Fee schedules, which are the amounts providers charge for each service, are
another component of remittances.
• No authorization, no reference on file, and claims not presented promptly
are all red flags.
6. INSURANCE FOLLOW-UP:
The accounts receivable (A/R) report displays anything that has been sitting
in the insurance and/or patient buckets for some time. This report will reveal
whether insurance follow-up is ineffective and why it is taking so long to receive
payment.
7. PATIENT COLLECTIONS:
• The best moment to collect money from a patient is when they are at your
office.
• Front-desk personnel should be trained to collect now of service.
• Examine your company and deductible policies to see if you have a typical
procedure in place. It is equally important to send out routine patient
statements.
BENEFITS OF REVENUE CYCLE MANAGEMENT:
Revenue cycle management, or RCM, is used by healthcare providers to
ensure that they are compensated correctly and on time for their services. This is
beneficial for both the physician and the patient. These benefits include:
1. After the first submission, the average percentage of claims paid increased.

4. 2. Current claim percentages have increased on average (0-60 Days).
3. The denial rate is down.
4. The practice's net income has increased.
5. A higher proportion of claims are free of errors.
6. Accounts receivable have been reduced.
7. Claim payment is processed more quickly.
8. Fewer claims have been made.
9. More time for patient care issues, resulting in higher quality of care.
COMMON BLUNDERS OF RCM IN HEALTH:
Avoiding mistakes and rejections is the greatest practice. If your organization
does any of these revenue cycle management blunders, you are undoubtedly losing
money. Providers make several frequent revenue cycle management blunders.
• Failure to meet the needs of the payers.
• Reading your insurer's newsletter is not enough.
• Failure to maintain track of the claims process from beginning to end.
• Claims that have been rejected are not resubmitted.
• There was no verification of the patient's eligibility.
• Trends are not being collected.
CONCLUSION:
Healthcare revenue cycle management is changing to keep up with rapid
changes in the healthcare environment, including value-based treatment,
innovative technology development, and a global pandemic. Healthcare
practitioners should always be aware of their revenue cycle status to give
appropriate treatment to patients and get proper compensation for services.
So, if you want to boost your office's revenue, stay connected with MHRCM.