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What is RCM and Why Does it Matter to My Practice?

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Whether your practice employs an internal billing specialist or outsources the function, you’d undoubtedly agree that good medical billing is a vital component of your practice. But is it enough? Just like you can’t expect a patient to visit the office once and be permanently healed, simply sending a bill and expecting payment can’t sustain a healthy practice. Many components contribute to successful outcomes of both patient health and practice health.

So if focusing on billing isn’t enough, what’s the solution? The answer is the modern approach to revenue cycle management (RCM).

What is RCM? Simply put, it’s a specialty-specific service—one that provides a more efficient and effective way to increase practice revenue and maximize profits. Sounds good! But how? By decreasing the time of claims outstanding, eliminating patient billing calls to your busy practice, lowering claim denials and so much more.

Say your car is a little sluggish and you need to get it checked out. Would you take your American roadster to a shop that specializes in German vehicles? We’re guessing not. Sure, they both fix cars, but as they say, the devil is in the details. That’s why you need specialty-specific RCM services to ensure your practice is performing at its peak.

What started out as RCM services for dermatology, plastic surgery and gastroenterology have, by popular demand, been expanded to include: ophthalmology, orthopedics, otolaryngology, rheumatology and urology. Modernizing Medicine’s® Revenue Cycle Management service manages claims, payment and revenue generation for all of these specialties with a unique combination of people, processes and technology. Watch and learn more here.