How to demystify revenue cycle management for beginners?
Revenue Cycle Management (RCM) is the integration of patient-centered financial counseling. This involves providing patients with personalized support and guidance regarding their financial responsibilities related to healthcare services. Through proactive financial counseling, healthcare organizations can educate patients about insurance coverage, out-of-pocket expenses, available payment options, and financial assistance programs. By empowering patients with this information upfront, RCM not only ensures transparency and clarity but also fosters a positive patient experience, ultimately leading to improved revenue cycle performance and patient satisfaction.