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hey guys Jasmine here with IPS helping you to improve the delivery of patient care by alleviating the stress from the business side of healthcare today we are talking about basic information but I get this question a lot um interestingly enough especially for people that are very new to health care or specifically new to running or operating their own practices what is the difference between medical billing and revenue cycle management and is there really a difference so very simply medical billing has been a term that's been around for way longer than revenue cycle management though there's really nothing that's new what do I mean by that so RCM is basically the financial process in its entirety of operating a healthcare facility and seeing patients from the start of their care and from inception registration all the way through billing and reconciling a claim and posting those payments and then sending out patient statements so the entire process we would consider that entire process and then potentially the end the patient then coming back for additional visits or for follow-up visits that is what we would consider a revenue cycle so it is the cycle in which payment and money moves through your business right so the way that you render services and then issue those services for payment either from patient or through an insurance carrier and then eventually receive the payment for those services and work through reconciling and being able to get those payments paid so that means in its entirety the financial arm of your healthcare organization is referred to as a revenue cycle and the management of that cycle is what we call revenue cycle management so our cm is usually what it's referred to as for short does do companies or Ken companies truly be full RCM when they're fully when they're outsourced the truth is yes and no why do I say that so there are companies out there that truly will be able to do things like scheduling for you and and pre authorizations and patient registration and and also process interim process your payment's excuse me your charges first obviously then take over the rest of the process so yes they can potentially be revenue cycle management companies likely what you find is a company that is RCM centric a company that is focused on your entire revenue cycle but really what they provide is more consulting as it relates to the patient registration and authorization process and so on here at IPS we are in medical billing company primarily and we do support the entire revenue cycle so we can provide training and so on all of the things that relate to financial strength of the business so that answers a question for our cm so then what is medical billing medical billing if you think of the entire cycle that I just broke out for you medical billing is the portion after the services are rendered when the provider has entered completed their notes and entered their services that are prepared for billing the scrubbing of that claim and preparation of that claimant and ensuring proper coding of that claim is likely part of the medical billing definition medical billing that is the coding for those services then transmission of that claim to carrier billing of those services to the third party reconciling and posting those payments all of those things that go into processing of that that healthcare claim that is what we would consider medical billing all the way to the part that that likely is also considered patient billing but it is usually wrapped into our encompasses what the services are that medical billing companies provide so what you find with a lot of revenue cycle management form or medical billing companies is they will take your services after you put your your services into the software it helps to ensure that your coding is accurate scrubbed your claim and then transmitted those to insurance companies and follow through all the way up until the patient is billed and entities are collected they usually most felt medical billing or revenue cycle management companies do not do the portion of authorizations fully meaning on their own and without any of your support and read patient registration and scheduling that's usually a that portion kind of more at the top of the cycle considering where the patient is first getting started with services that is usually something that is done in-house or within your healthcare organization so again medical billing is a portion of the revenue cycle revenue cycle is the financial arm in its entirety I hope that you found that helpful again if you found this video helpful can you give it thumbs up please we love hearing feedback from you so feel free to please put some information down in the comments below and ask for videos we want to give you what you want to hear so please let us know what you want to hear about and subscribe if you want to follow our videos if you'd like to hear more information about how you can strengthen the business side of your health organization I look forward to seeing you guys next time have a good day