The next metric in our revenue cycle is the number of visitors to your website. This is a captive audience, it’s an asset that can be leveraged and it’s a very early indicator of how well known your company is, how easy it is to find your company online and how many people are ...
Revenue cycle management (RCM) is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance to ensure proper identification, collection and management of revenues ...
Learn more about the concept of revenue cycle management, why it is important and the 10 steps of the healthcare RCM process.
Revenue Cycle Management Definition The definition ofRevenue Cycle Management(RCM) in healthcare is the process of managing your office’s claims processing, payment and revenue generation. In order to efficiently manage the patient revenue cycle of your office, you’ll need amedical billing software...
Healthcare revenue cycle management begins when a patient makes an appointment to seek medical services. The process ends when organizations have collected all claims and patient payments. However, the life of a patient’s account is not as straightforward as it seems. To start, when a patient ...
Direct procurement refers to obtaining the raw materials, components or subcontracted labor that are directly incorporated into a company’s products or services. Direct procurement is often more closely linked to a business’s primary revenue-generating activities and therefore tends to be more ...
This is where inventory management comes into play. What Is Inventory Management? Inventory management is the process of orchestrating the flow of goods through a company in a continuous cycle of ordering, storing, producing, selling, and restocking. Inventory management is generally performed at two...
Contract lifecycle management (CLM) is the process of managing an organization's contracts an organization’s contracts from initiation through execution, performance, and renewal/expiry. Learn about the different steps involved in the contract lifecycle
Financial management matters because it keeps a company solvent. Its most basic goal is to ensure that the business doesn’t go bankrupt. Financial management addresses the most critical issues that a business can face, such as loss of revenue (as happened during the COVID-19 pandemic), natura...
Think of it like the structure of a deal — the building blocks, like lead qualification and sales calls, that need to be stacked in a specific order so it’s possible to drive deals to close. The goal of a sales cycle is to ensure reps are uncovering customer needs and resources they...