Understanding revenue cycle management
Understanding the Revenue Cycle Management Process is important. So, what is it?
A process in which any practice or health care facility manages functions connected with medical claims processing, payment and revenue including tertiary services such as identification, management and collection of patient services, beginning when an appointment is made by a person and ending when payment is collection.
However, there are still a few steps in between which include the following.
- The staffs have to set up the appointments and ensure they have verified the personâ€™s insurance and establish a payment account. In order to optimize the usage of revenue cycle management process pre-registration is vital as, it provides detail medical history and insurance coverageâ€™s about the patient.
- Post the appointment registration you get to have a satisfied patient walking out of your office who feels confident of his care your practice creates a claim submission that identifies the treatment received and a code, known as an ICD-10 code, you get to know from this how much the practice should be reimbursed for any specific treatments.
- Generating a claim of the patient by the medical practice to a private health insurer or government payer for reimbursement in a manner of speaking soundâ€™s easy however, in reality it is not so as, there are checks or processes that are a pre requisite such as payment posting, processing a statement, collections and claim denial should the need arise.
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Medical Billing Company in Florida USA