What is Revenue Cycle Management?

Lexology November 18, 2022
Ankura Consulting Group, LLC

Healthcare Compliance at Ankura includes advisory services for Revenue Cycle Management (RCM). You may wonder, what is RCM and why is it important? It is a common misconception that RCM is a finance concept that does not impact the rest of the organization when in fact, a well-functioning revenue cycle not only improves a company’s financial performance but also creates more satisfied patients by streamlining and simplifying the payment process.

So, what is Revenue Cycle Management? RCM is the process used by healthcare systems to track revenue and collect cash. The Revenue Cycle consists of three primary phases:

• The “front end” or patient access
• The patient encounter
• The “backend” or patient financial services

Within each phase, there are...

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