The Full form of RCM is Revenue Cycle Management.
Healthcare Revenue Cycle Management (RCM) is the financial process facilities use to manage the administrative and clinical functions associated with claims processing, payment, and revenue generation. The process consists of identifying, managing, and collecting patient service revenue.
The financial process is crucial to ensuring healthcare organizations stay in operation to treat patients. Facilities use healthcare revenue cycle management to collect profits and subsequently keep up with expenses.
Start: Healthcare Rrevenue Cycle Management (RCM) begins when a patient makes an appointment to seek medical services.
End: The process ends when organizations have collected all claims and patient payments.