SurgMed Revenue Cycle

What is Revenue Cycle Management?

Revenue cycle management (RCM) is a term that is so widely used in the healthcare industry that its full meaning and importance can often become lost. There are many definitions of RCM, but let’s use the following: Surgical RCM in healthcare simply means all the activities taken to ensure that an ambulatory surgery center (ASC) receives the deserved and appropriate revenue for a patient’s encounter, from when their appointment is first booked through when their balance is paid.

As healthcare technology continues to evolve, administrators require tools that can leverage analytics and create revenue cycle solutions. A few areas that have a considerable impact on RCM include case costing, payor mix, contracts, and workflow automation. Being aware of each of these areas throughout the revenue cycle management process is crucial to ensure success. 

In this guide, we’ll navigate how patients are involved, internal processes, key performance indicators (KPIs), how revenue cycles work within an ASC, how software plays a key role, and what you should look for in revenue cycle services (RCS) support.

First, let’s consider revenue cycle management and the patient experience.