What Is a Revenue Cycle Analyst?
The revenue cycle is defined as the entire cycle of a patient account from creation to payment. The revenue cycle analyst analyzes an organization's incoming and outgoing revenue. They review billing practices to guarantee accurate invoicing and revenue acceptance, while ensuring compliance and contact with government officials regarding audits. They also oversee bookkeeping to manage outstanding accounts and contact clients for collection, as well as lead revenue forecast analysis that is presented to senior management.
|Educational Requirements||Bachelor's degree|
|Job Skills||Epic software, data analysis, Microsoft Office (especially Excel), revenue cycle management, enterprise resource planning (ERP), written and verbal communication, analytical skills|
|Median Salary (December 2021)*||$58,966|
|Job Outlook (2020-2030)**||5% (for all budget analysts)|
Source: *PayScale.com; **U.S. Bureau of Labor Statistics
A bachelor's degree in accounting, economics, finance, business or a related field is typically required by employers. There are several certifications available for revenue cycle professionals. The American Association of Healthcare Administrative Management (AAHAM) offers the Certified Revenue Cycle Specialist (CRCS), the Certified Revenue Integrity Professional (CRIP) and the Certified Revenue Cycle Professional (CRCP). Some employers may also prefer a candidate who has Epic training and/or Epic certification.
A revenue cycle analyst must have analytical skills, as this will play a major role in his or her job. He or she will research and analyze problems and make recommendations on a range of organizational issues. A revenue cycle analyst must also have excellent written and verbal communication skills because they are responsible for communicating with all levels of management to keep financial operations running smoothly.
Technical skills needed are proficiency in Microsoft Office (with advanced expertise in Excel), Epic software and enterprise resource planning (ERP) software. This software will assist in making calculations and keeping financial records accurate and organized.
Career Outlook and Salary
The U.S. Bureau of Labor Statistics (BLS) reports that employment of budget analysts is estimated to grow 5% from 2020 to 2030, which is slower than the average for all occupations. Healthcare practices have been impacted by changing government regulations to healthcare in many ways, including stricter requirements for claim data submissions, lower reimbursements from insurance and adjustments made for how care is billed. Having an efficient revenue cycle is more important than ever now, making revenue cycle analysts a valuable position. PayScale.com also reports that the median salary in December 2021 for revenue cycle analysts was $58,966.
Below are a few careers related to that of a revenue cycle analyst.