Revenue Cycle Manager job description
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What does a Revenue Cycle Manager do?
The Revenue Cycle Manager is pivotal in overseeing the financial processes related to medical billing and insurance within healthcare organizations. This role ensures the optimization of revenue through effective management of the billing cycle, enhancing cash flow and financial health.
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What are the Key Responsibilities of Revenue Cycle Manager
- Oversee all aspects of the revenue cycle, including billing, collections, and accounts receivable.
- Develop and implement strategies to improve payment processes and reduce claim denials.
- Monitor and manage key financial metrics to ensure fiscal goals are met.
- Collaborate with clinical and administrative teams to streamline patient billing processes.
- Ensure compliance with healthcare regulations and best practices.
- Lead and train revenue cycle staff to maintain high performance and productivity.
- Analyze data to identify trends and implement corrective actions as needed.
- Establish strong relationships with payers to resolve issues promptly.
- Report regularly on financial performance and operational efficiency related to revenue cycle activities.
What are the Skills and Requirements for a Revenue Cycle Manager?
- Strong analytical and problem-solving skills.
- Mastery of negotiation and communication skills for interacting with payers.
- Deep understanding of healthcare billing and revenue cycle processes.
- Proficiency in financial reporting and analysis tools.
- Ability to lead and motivate a team within a high-pressure environment.
What are the KPIs to track for Revenue Cycle Manager?
The Revenue Cycle Manager's performance is gauged by improvements in collection rates, reduction in days in accounts receivable, and minimization of claim denials.
Collection Rates
Achieve or exceed targeted collection rates.
Days in Accounts Receivable
Reduction in average days in accounts receivable.
Claim Denials
Decrease in denial rates and improvement in resolution times.
Reports to
Director of Finance
Collaborates with
Clinical Teams, IT Department, External Payers
Leads
Billing Specialists, Accounts Receivable Analysts
Are any specific tools or software required for the Revenue Cycle Manager role?
- Epic Systems
- Cerner Revenue Cycle Solutions
- Kaufman Hall Financial Planning Software
What is the qualification of Revenue Cycle Manager?
Master's degree in Healthcare Administration, Business, or related field, with 5-7 years of experience in healthcare revenue cycle management.
