A machine learning engineer is enhancing a project to automatically refresh the model each time the project runs. The project is connected to an existing model named 'model_name' in the MLflow Model Registry. The following code snippet is part of their strategy:

mlflow.sklearn.log_model(sk_model=model, artifact_path="model", registered_model_name=model_name)

Given that 'model_name' is already present in the MLflow Model Registry, what does the parameter registered_model_name=model_name signify?