What is revenue cycle management?

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Accepted Answer

Revenue cycle management is the process of managing a company's financial transactions from start to finish.

It involves all aspects of the revenue cycle, including billing, collections, and payment posting.
The goal is to optimize revenue and cash flow while minimizing costs and ensuring compliance with regulations.
Examples include verifying insurance coverage, submitting claims, following up on denials, and reconciling accounts.
Effective revenue cycle management requires strong communication skills, attention to detail, and knowledge of accounting principles and software.
It is important in both medical and non-medical industries to ensure financial stability and growth.

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