Medical Billing & Revenue Cycle Management
What is Medical Billing?
Medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered by a healthcare provider or medical billing company (interaction between a health care provider and the insurance company (payor). The same process is used for most insurance companies, whether they are private companies or government sponsored programs. The entirety of this interaction is known as the billing cycle sometimes referred to as Revenue Cycle Management.
Revenue Cycle Management
Revenue Cycle Management (RCM) is the administration of financial transactions that result from the medical encounters between a patient and a provider, facility, and/or supplier. These transactions include, without limitation, billing, collections, payer contracting, provider enrollment, coding, data analytics, management, and compliance.