At healthcare centers like yours, revenue cycle improvement is a key aspect of revenue cycle management (RCM). Refining your RCM leads to greater productivity and profitability, which leads to better patient care for the community.
Smart revenue management is especially important for any federally-qualified healthcare center (FQHC). Under federal rules, you have an obligation to stay within regulatory compliance and use public dollars wisely.
This article helps healthcare organizations understand some of the industry’s best revenue cycle management practices. Below are six effective ways to boost your healthcare center’s financial wellness.
When it comes to medical billing collection rates, the phrase “no margin, no mission” can ring too true. After all, if a care center doesn’t bring in enough revenue to keep things running, any higher purpose they have is meaningless. That’s why you devote so much time to keeping your center or federally qualified health center afloat. But it’s important to remember that the reverse of this well-known phrase is also true: No mission, no margin. If you’re devoting too much time to the billing side of your practice, it’s the patients who suffer.
Learn when to add medical billing and revenue cycle management services to your healthcare organization to maximize profitability.