Updated: Apr 25, 2021
Efficient Revenue Cycle Management (RCM) is a critical factor for the success of healthcare providers today. While managing revenue operations or important for the success and longevity of any business, it is not always the primary concern of healthcare providers. All providers, however, need to manage revenue operations and cashflow to effectively manage their operations.
What is Revenue Cycle Management in Healthcare?
Revenue Cycle Management refers to an organization’s methods for managing the finances and processes for the various steps of care throughout the patient’s cycle. RCM starts when a patient with the patient’s first appointment or encounter and continues as services are provided to the patient and then into the follow-up billing. During patient scheduling, the provider has the opportunity to collect the necessary information for successful claims processing, for example the patient’s insurance information to confirm eligibility.
Challenges in Today’s Healthcare Revenue Cycle
In recent years, payer reimbursements have decreased as the number of high-deductible health plans has grown. In this new climate, healthcare providers must identify new methods for optimizing their revenue cycle operations to maximize their collections.
One underutilized strategy is investing in revenue cycle staff training so they are able to more capably perform their job roles.
eLearning for Healthcare Revenue Cycle Training
One of the keys to effective revenue cycle management success is in educating your staff. Today, forward-thinking healthcare executives are experiencing the return-on-investment of education and its overall effect on revenue cycle efficiencies.
Comprehensive, regularly scheduled training can help your RCM team to effectively navigate this new environment. A good RCM training program focuses on the specific tasks involved in each job role and provides an understanding of where that function fits in the larger revenue cycle operation. It should also emphasize the impact of that role’s performance on others.
Staff training through efficient eLearning can lead to improvements in key metrics, such as:
Gross collection percentage
Net collection percentage
Days in receivables
Percentage of A/R over 90 days
Work relative value units
The ongoing monitoring of these metrics can help determine the effectiveness of your RCM eLearning program and identify opportunities for further training.
LMS Portals for Healthcare Revenue Cycle Training
LMS Portals provides healthcare organizations with a powerful SaaS-based platform to build, deploy, and manage revenue cycle training content and courses. Our healthcare clients are able to launch their own corporate-branded portals. The system also includes tools for user onboarding, course building with various content types, messaging, analytics, and more.
Use your own revenue cycle training content or work with our team and we will build it for you.
Contact us today to get started for free!