Medical Billing vs. Revenue Cycle Management (RCM) Optimizing Financial Health

1. Medical Billing vs. Revenue Cycle Management (RCM): Optimizing Financial Health Medical Billing The process of submitting and following up on claims with health insurance companies to receive payment for services rendered. Key Components: Patient Registration Coding Claim Submission Payment Posting Denial Management Revenue Cycle Management (RCM) A comprehensive process that manages the financial aspects of healthcare practices, from patient scheduling to final payment collection. Scope Patient Scheduling and Registration Insurance Verification Medical Billing and Coding Claims Management Payment Collection Financial Reporting Key Differences Scope and Focus Medical Billing: Primarily centers on claims submission and reimbursement processes. RCM: Encompasses a broader spectrum, including financial analysis and patient engagement. Complexity and Integration Medical Billing: Focuses on specific tasks within the billing process. RCM: Integrates various financial and administrative functions to optimize revenue generation and operational efficiency. Benefits of Effective RCM Improved Cash Flow Operational Efficiency Enhanced Patient Satisfaction Financial Stability www.harriscaretracker.com | sales@harriscaretracker.com | (855) 528-4357