Hospital RCM stands for Hospital Revenue Cycle Management. It refers to the process of managing the financial aspects of a hospital or healthcare facility, including the identification, collection, and optimization of revenue throughout the patient care cycle.
It includes handling of billing processes for both professional services (physicians) and institutional services (hospitals). This comprises coding, charge capture, claims submission, and follow-up on claims.
Accurate and compliant medical coding is crucial for proper billing and reimbursement. Medbillmaster provides coding services which ensure that diagnoses, procedures, and services are appropriately coded for billing purposes.
We manage accounts receivable by monitoring outstanding payments, following up on unpaid claims, and implementing effective denial management strategies to minimize claim denials and improve revenue collection.
We utilize healthcare analytics to analyze and interpret data related to revenue cycle management, identifying areas for improvement, optimizing performance, and making informed decisions.
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EHRs may include a range of data, including demographics, medical history, medication and allergies, immunization status, laboratory test results, radiology images.
Practice management involves managing administrative tasks such as patient registration, scheduling, tracking, accounting, and reporting.