What Is a Revenue Cycle Project Manager?
Revenue cycle project managers work exclusively in the healthcare industry. They function as project developers, leaders, and mentors in the revenue cycle aspect of healthcare. The revenue cycle is a billing process that tracks payment from initial patient registration through treatment and final payment. Project managers are employed by hospitals, clinics, physicians' offices, and other healthcare facilities. They are responsible for all projects within a healthcare facility that focus on remuneration for services. Among their chief functions is conducting charge capture analysis. Charge capture is the process wherein a healthcare professional submits reports on services rendered. The revenue cycle project manager then submits these reports to insurance companies or other sources involved in paying for those services. The project manager's duties are focused on improving efficiency in the revenue cycle and improving processes in the facility related to billing and other financial considerations while ensuring that the facility's strategic business goals are met. Revenue cycle project managers differ from other types of project managers in billing and finance in that patient services and billing are unique to each patient and as such, time intervals and billing differ for each patient.
Project managers in revenue cycle management work as liaisons with senior facility management as well as mentoring and supervising facility staff in revenue cycle initiatives. They perform risk analysis on one or many concurrent projects and when issues manifest that could adversely affect the facility's strategic plan, managers make recommendations for project process improvement. These managers analyze complex flow charts and data structures with an eye toward consistency across multiple systems. They identify discrepancies and correct them while analyzing the revenue cycle project to prevent any further discrepancies from occurring. Revenue cycle project managers work with industry-specific healthcare applications, including EpicCare, Cadence, and Resolute. Working with these complex applications requires considerable information systems expertise to ensure optimal efficiency in revenue cycle projects.
| Educational Requirements | Bachelor's degree |
| Job Skills | Excellent written and oral communication, strong analytic skills, strong leadership, expertise in information systems |
| Median Salary (2021)* | $67,641 |
| Job Outlook (2020-2030)** | 32% (medical and health services managers) |
Sources: *PayScale.com **U.S. Bureau of Labor Statistics
Required Education
A bachelor's degree is required for revenue cycle project managers. The degree should be in business, finance, or a related field. Employers also require that candidates possess a number of years of prior practical work experience in project management, preferably in a healthcare setting.
Required Skills
Revenue cycle project managers require strong leadership skills because they design, implement, and maintain a healthcare facility's revenue cycle projects. They serve as mentors and trainers for facility staff involved in the revenue cycle project in a leadership capacity. Strong oral and written communication skills are crucial because project managers prepare and present detailed reports on concurrent revenue cycle projects to the facility's management as well as effectively communicating project procedure improvement. Excellent analytical skills are imperative because project managers study complex flow charts, data structures, and other informational resources and must be able to identify and correct problems as well as possessing the ability to perform a detailed risk analysis on project initiatives. Expertise in information systems is a must for these project managers because they must ensure that multiple information streams flow efficiently and correctly through a number of varying streams using complex, industry-specific applications.
Career Outlook and Salary
The U.S. Bureau of Labor Statistics (BLS) reported that employment of medical and health services managers was projected to grow 32% between 2020 and 2030. The BLS reports that this job outlook represents a much faster-than-average outlook compared to all other occupations. In December 2021, PayScale.com reported that the annual median salary for revenue cycle project managers was $67,641.
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