Give a general description of revenue cycle management. What is another name for
ID: 3520477 • Letter: G
Question
Give a general description of revenue cycle management.What is another name for this process (in a physician's office)?
Choose and list any three features of this process that interest you the most.
Be prepared to discuss your choices and answer questions about them. Give a general description of revenue cycle management.
What is another name for this process (in a physician's office)?
Choose and list any three features of this process that interest you the most.
Be prepared to discuss your choices and answer questions about them. Give a general description of revenue cycle management.
What is another name for this process (in a physician's office)?
Choose and list any three features of this process that interest you the most.
Be prepared to discuss your choices and answer questions about them.
Explanation / Answer
Revenue Cycle Management or RCM is a financial process which utilizes medical billing software that the healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance.
RCM unifies the business and clinical sides of healthcare by coupling administrative data such as patient's name and other personal details and the insurance provider with the treatment a patient receives and their healthcare data.The revenue cycle includes all the administrative and clinical functions that contribute to the capture , management and collection of patient service revenue according to the Healthcare Financial Management Association [ HFMA ] .
It is also known as Healthcare Revenue Cycle when it is only concerned with the medical treatment.
Three interesting features of this process are--
a] Pre-registration, which includes collecting information such as insurance coverage before a patient arrives for inpatient or outpatient procedure.
b] Communicating with the health insurance company to which the patient is insured. This involves submitting claims of billable fees to the insurance companies and getting the reimbursement fast so that there is a hassle free transaction to the patients.
c] Keeping and maintaining a record of the patient's diagnoses and procedures undertaken for the treatment. Along with this, determining patient balances and collecting payments.
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