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MegaClaim (RCM – Revenue Cycle Management)

MegaClaim

(RCM – Revenue Cycle Management)

Revenue cycle management (RCM) is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.

Revenue cycle management (RCM) system is used to manage and streamline the administrative and financial processes related to healthcare revenue. 

Why MegaClaim?

  • Ability to ensure accurate claim submission.
  • Ability to reduce the risk of error.
  • Ability to reduce the delay of payment.
  • Minimum of 80% to 90% insurance collection.
  • Minimum of 5% decrease in rejections within 60 Days of services.
  • Analytics and reports to improve the process.
  • Identify trends and areas for improvement.

Why Is Revenue Cycle Management Important  in the Healthcare Industry?

  • Revenue cycle management (RCM) is important in the healthcare industry because It directly impacts the financial health of a healthcare organization.
  • The RCM process ensures that healthcare providers are accurately and timely reimbursed for their services, reducing the risk of unnecessary revenue loss.
  • Maximizing revenue: RCM helps healthcare providers collect payments from insurance providers and patients, ensuring that they receive the complete amount that they are owed for their services.
  • Improving cash flow: RCM can help healthcare providers manage their cash flow by identifying potential reimbursement issues upfront, ensuring that they have access to the necessary funds to continue operating.
  • Streamlining billing processes: By automating billing processes and streamlining workflows, RCM can reduce the administrative burden on healthcare providers, freeing up resources to focus on patient care.Overall, having a strong RCM strategy can help healthcare organizations achieve financial stability and ensure that they are able to provide high-quality care to their patients.
 

Features of RCM System

  • These features can help healthcare organizations to efficiently manage their revenue cycle.
  • Reduce errors and increase profitability.
  • Patient Scheduling and Registration management.
  • Insurance Verification and Eligibility Checking.
  • Claims Processing and Submission.
  • Payment and Remittance management.
  • Denial management.
  • Analytics and Reporting.
  • Electronic Health Record (EHR) integration.
  • Compliance and Regulatory management.
  • Accounts Receivable management.
  • Patient Billing and Payment collection.