Revenue Cycle Management (RCM) Basics Definition: Revenue Cycle Management (RCM) refers to the financial process of managing the healthcare revenue cycle, which encompasses all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. It involves the entire lifecycle of a patient account from initial appointment scheduling or registration to claims submission to final payment of the balance.   Key Components: Patient registration, insurance verification and authorization, charge capture, coding, claims submission, payment posting, denial management, AR follow-up, revenue analysis, and reporting.   Importance:   Effective revenue cycle management is essential for healthcare organizations to optimize financial performance, ensure regulatory compliance, and maintain operational efficiency. It aims to maximize revenue capture, reduce billing errors and claim denials, accelerate payment cycles, and ultimately support the delivery of high-quality patient care by ensuring financial stability.