Revenue cycle management is the process of managing a medical practice’s billing and collections, as well as its insurance claims. It involves ensuring that all payments are received on time, and that the practice is able to collect from patients who do not pay their bills.
This can be especially important for independent providers, who may not have access to an insurance company or government entity that pays their claims like larger hospitals do. Revenue cycle management helps independent practices keep track of their billing and collections, so they can ensure that the money coming in covers the costs of running their business.
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