All private medical practices understand the important role of medical billing in revenue generation, but to a lesser extent the broader topic of Revenue Cycle Management (RCM). Understanding and managing the complete life cycle of a patient receiving care to collecting payment for the service rendered is known as RCM. Each administrative phase of the life cycle is critical to revenue generation. RCM ranges from on-boarding a patient to following up with the patient or insurance Payor for unpaid claims. Being well-versed on RCM will ensure the many phases of the life cycle are properly implemented in the operation of the practice and routinely monitored for maximizing the practice’s revenue.

Private medical practices must take a holistic view of revenue generation by incorporating Revenue Cycle Management into its business vocabulary and viewpoint.