RCM may refer to Revenue Cycle Management in healthcare or Reverse Charge Mechanism under GST:
Reverse Charge Mechanism (RCM)A GST regime that requires the buyer of goods or services to pay the tax instead of the supplier. This applies to both registered and unregistered businesses, and can include situations where the value of the goods or services exceeds a specific threshold. .
Revenue Cycle Management (RCM)A financial process used by healthcare providers to track, bill, and collect payments. RCM includes patient registration, insurance verification, claims submission, billing, and collections.
BenefitsA strong RCM system can help medical practices of all sizes improve operational efficiency and optimize revenue.
Challenges: Inefficiencies in the patient-to-payment cycle can lead to late payments, underpaid claims, and claim denials.
Steps: The first stage of RCM is pre-registration and registration, which involves collecting patient information and capturing their demographics, insurance information, and billing information.
