Revenue Cycle Management Data is collected at each step of the revenue cycle, an
ID: 1169945 • Letter: R
Question
Revenue Cycle ManagementData is collected at each step of the revenue cycle, and an error or lack of action at any step in the cycle may result in delayed or lost revenue.
Discuss three steps in the revenue cycle, explaining what action occurs; provide an example for each step.
Describe a negative result, for each of your selected three steps, which may occur if the action is completed incorrectly or not at all. Revenue Cycle Management
Data is collected at each step of the revenue cycle, and an error or lack of action at any step in the cycle may result in delayed or lost revenue.
Discuss three steps in the revenue cycle, explaining what action occurs; provide an example for each step.
Describe a negative result, for each of your selected three steps, which may occur if the action is completed incorrectly or not at all. Revenue Cycle Management
Data is collected at each step of the revenue cycle, and an error or lack of action at any step in the cycle may result in delayed or lost revenue.
Discuss three steps in the revenue cycle, explaining what action occurs; provide an example for each step.
Describe a negative result, for each of your selected three steps, which may occur if the action is completed incorrectly or not at all.
Explanation / Answer
The revenue cycle encompasses the entire customer engagement and payment process from beginning to end. In its fullest sense, it begins with marketing and customer capture, then advances through the provision of goods and services, and concludes with customer payments.
Below mentioned are steps of revenue cycle:-
1.Select a practice management system (PMS) that fits your needs
A thorough analysis of your practice’s revenue cycle process and workflow will provide valuable insight into your system’s requirements.
Whether you are purchasing your first PMS or changing to a different product, first turn your attention inward to your practice.
2.Make sure that claims are checked and rechecked
Make sure your staff has a process for properly reviewing claims and not relying 100% on technology to get it right. If you have contracts with major payers, review the contracted rates in your billing software and make sure they are always up-to-date.
Always review payment history before renewing a contract so you can address recurring issues during the contract negotiation.
3.Drive ongoing improvements in processes
Analyze historical data to identify issues that may lead to hassles.Use analytics to identify trends and root causes, then provide feedback to revenue cycle staff members who made errors that led to these break downs.?
A thorough analysis of your practice’s revenue cycle process and workflow will provide valuable insight into your system’s requirements.
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