Health care services are just as concerned about generating revenue as all other services. The revenue cycle manager of a health care facility manages a team that provides accounting services primarily focused on managing costs, increasing revenue and handling risk. By keeping costs down and generating more revenue, health care services are able to turn a greater product and also invest in the research and implementation of better health care procedures.
The revenue cycle manager develops a further understanding of the needs of his clients and seeks to fulfill these needs with the goal of broadening the relationship between his team and the clients. This not only includes bringing clients new services but also includes developing intellectual capital by creating articles and training programs. The revenue cycle manager is responsible for overseeing various health care functions such as preregistration, insurance verification, point-of-service cash collections, financial counseling, registration, coding, medical records, billing, account follow-up and collections, customer service and cash posting, according to KPMG. The revenue cycle manager has a whole team of professionals who must be managed by assigning duties, training and evaluating the team.
Revenue cycle managers usually need a couple of years of experience in accounting or auditing and often must have an educational background in accounting, economics or finances from an accredited college or university, according to KPMG. The certified public accountant (CPA) credential is often needed. This credential is acquired by passing a national exam offered by the State Board of Accountancy, according to the Bureau of Labor Statistics.
Time management skills and organization skills are necessary to manage bookkeeping in the most efficient way possible. Many revenue cycle managers work on a revenue cycle team to develop a thorough understanding of revenue cycles before becoming a manager. Computer skills are needed since many health care facilities use a revenue cycle software package. Communication and interpersonal skills are also needed since technical information needs to be communicated to team members and to those outside the department.
The health care industry is expected to grow much more rapidly than other industries due to an aging baby boomer population. The Bureau of Labor Statistics expects the health services managers to enjoy a 16 percent job growth between 2008 and 2018. Accountants can enjoy a 22 percent job growth, and many revenue cycle managers can find work outside of the health care industry.
The median earnings for health mangers in 2008 were $80,240, according to the Bureau of Labor Statistics. The highest 10 percent earned more than $137,800, while the lowest 10 percent earned less than $48,300.