Revenue Cycle Management (RCM) is the backbone of all medical billing and coding companies. It is, in fact, the functional core that helps handle all processes, starting from making a patient appointment to managing appeals and reimbursements. The right RCM process increases revenue and profitability, improves reimbursement rates, and brings down the rate of bad touches. Some companies handle their RCM processes in-house, while a majority of them outsource the same. Either way, how does one measure the health of the current RCM process?
Telemedicine, which was once considered a mere part of the healthcare industry, is now one of the rapidly growing healthcare segments that brands are rushing to adapt and embrace, possibly as a permanent service offering. According to a survey by McKinsey and Company, when compared to the pre-COVID-19 figures, telehealth services have seen a 38 times growth!
Billing cycle automation, even now, is considered a single solution to all your revenue cycle-related problems. How often have you heard people offering this solution when you talk about increasing competition, payers and care providers gap, and lost revenue? As a healthcare service provider, you must have considered automating some or most of your RCM processes in the recent past. Automation is absolutely the need for the day. It is the future. It has a lot of advantages to the company and the clients. However, it is definitely not your holy grail!