There are plenty of great roles in the non-clinical side of the healthcare world. Revenue Cycle Management is one such area. A revenue cycle manager is a key component in the financial workings of a hospital or medical facility. Read on to find out what a revenue cycle manager does, what they typically earn, and what’s needed to become a revenue cycle manager.
What does a revenue cycle manager do?
A revenue cycle manager is in charge of patient billing and insurance claims at a medical facility. These individuals are responsible for overseeing billing accounts and helping departments around the facility resolve their revenue cycle problems. The job is broader in scope than an accountant’s job — the RCM professional helps to analyze and identify trends in a facility’s revenue and helps the entire organization make decisions based on that data.
Day-to-day duties of an RCM might include creating reports, analyzing data, collecting payments, identifying lost revenue, and implementing strategies to help departments minimize losses.
How much do revenue cycle managers make?
According to ZipRecruiter, the national average salary for a Revenue Cycle Manager is $76,137 per year. That equates to around $37 an hour. Top earners in the RCM field can earn well over $100,000 a year, depending on experience, skill level, and location.
What kind of education and experience is needed?
To become a Revenue Cycle Manager, you’ll need a Bachelor’s degree in finance, business administration, or a relevant field of study. You’ll also need some experience in the healthcare billing industry. RCMs need experiencing in dealing with insurance providers, as well as knowledge of Medicare and Medicaid. Of course, RCMs need computer literacy, accounting skills, strong organization skills, and the ability to work under pressure and tight deadlines. Soft skills that would be beneficial in an RCM position include multitasking, strong leadership skills, and interpersonal communication skills.
Ready to Launch Your New Journey?
Interested in learning more about Revenue Cycle Managers or other non-clinical healthcare roles? You’ve come to the right place. Check out Health Advocates Network’s Jobs Page and contact us online to get started on your journey.