Revenue cycle management, also known as RCM, involves the steps taken to bill clients and their insurers. In the behavioral health and medical industry, providers must follow a specific procedure to charge payments. When completing this process, they have to comply with every relevant regulation. In this blog post, we’ll explain the revenue cycle and the benefits of outsourcing behavioral health/medical billing.
What Is Revenue Cycle Management?
In revenue cycle management, a provider or company uses behavioral health/medical billing software to record and process payments. RCM covers the entire revenue cycle, which includes the following steps:
Benefits of Outsourcing Revenue Cycle Management
As you can see, RCM involves many functions that need expert management to do correctly. If you make a mistake early on in the cycle, it can carry on to the next steps. Small medical and behavioral health practices often don’t have the resources to handle this process. In some cases, even larger providers can’t take on the work effectively.
That’s where outsourced billing services come in. They help healthcare providers by:
If you would like to learn even more about our outsourced behavioral health billing, contact us online today. An Orion representative will get in touch with you within one business day.