Business Solutions - Healthcare Revenue Cycle Management
Revenue Cycle Management
Revenue Cycle Management (RCM) is the management of all the administrative and clinical functions that contribute to the capture, management, and collections of patient service revenue.
Current Healthcare Environment
With Reimbursement Rates declining and Operational and Capital expenses skyrocketing, it’s crucial that healthcare facilities prevent dollars from leaking from their Revenue Cycle. Business process breakdowns and inefficiencies can cost a healthcare facility as much as 25% a year in lost revenue.
Ever-increasing complexities associated with submitting/collecting billings and ongoing changes to billing and coding, continue to exacerbate this problem.
Increasingly, healthcare executives have come to realize the benefits of managing business processes in addition to staff, expenses, resources and procedures.
Our Healthcare Experience
Knowledge Solutions has helped many clients resolve and repair a variety of Revenue Cycle problems.
The Revenue Cycle consists of seven core processes that must be fully understood to support revenue reporting.
In reviewing these processes, our experienced team works with subject matter experts to understand the following:
- Process steps
- Core systems and support systems
- Existing reporting
We offer a holistic approach to addressing the entire Revenue Cycle, with solutions that provide greater Revenue Realization.
By combining our experience in Revenue Assurance, Enterprise Resource Planning and Business Process Management, we provide a unique and effective way to identify, measure and resolve Revenue Cycle issues. Our phased approach provides “quick to market” solutions with immediate ROI.
- Healthcare IT
- Revenue Assurance
- Enterprise Resource Planning
- Customer Relationship Management
- Business Processing Reengineering