Dr. Dipak Nandi: The Basics of Revenue Cycle Management - Patch.com

In the medical billing industry the revenue cycle management (RCM) refers to the process of identifying, collection and managing all the practice's revenue from payers based on the services provided to them. Managing the finances of the providers and keeps them going on a daily basis, the revenue cycle management (RCM) is the backbone of the healthcare industry.

According to a report, the investment in healthcare revenue cycle management software and its services are expected to grow by 15.51% over the next couple of years. In fact, the global revenue cycle management market size was value at USD 29.5 billion in 2018. This is expected to witness a CAGR of 12.0% over the forecast period.

"The revenue cycle management (RCM) works at the functional core of a healthcare organization. Whether it is a small practice or a large hospital organization it involves several steps for a successful result, which is connected by law and certain procedure." said Dr. Dipak Nandi, MD is a New York based entrepreneur and psychiatrist. Being a key member of the United States India Business Council (USIBC), Dr. Dipak Nandi also said: "For achieving a successful healthcare business, not only the revenue cycle management of the healthcare services has to be efficient but one must also be aware of the challenges the healthcare organization face in a revenue cycle management process (RCM)".

In fact, the total spent on the revenue cycle management solution around the world is expected to reach $7.09 billion by this year 2020. This is why for a successful revenue cycle management one must fully be aware of all its challenges as well.

Challenges in Revenue cycle management (RCM):

One of the most top revenue cycle management (RCM) challenges healthcare providers face is to keep up with the ever changing regulation and the new reimbursement method.

It does not end here, collection payments at or before the point of services is another challenge.

Another substantial challenge that creates a hindrance on the way of successful revenue cycle management is tracking a claim. As the experts managing the claims need to have patience and must be expertise in monitoring claims processes closely in order to pinpoint where errors are being made. It is complicated to find such people.

Staff training has also become a notable pain point for many healthcare organizations. A survey by ISG stated, 97% of healthcare company specially DME companies struggle with optimizing the workforce, asset, productivity.

As the healthcare industry continues to grow the revenue cycle management (RCM) also seen to evolve too. As the growth of the revenue cycle management (RCM) market is attributed to the boost of overall healthcare industry, complete revenue cycle management (RCM) awareness is always needed.

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Dr. Dipak Nandi: The Basics of Revenue Cycle Management - Patch.com
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