Effective Running Of Healthcare Facilities.
Specialization in medicine makes one a physician or a medical practitioner where he/she will be required to promote, maintain or restore health through the study, diagnosis and treatment of a disease or injury in a patient physical and mental impairments. A physician can be specialized to handle a specific type of ailment or they can practice general practice where they offer continuing and comprehensive medical care to individuals, families, and communities. One requires to have knowledge and competence to be properly engaged in medical practice.
A revenue cycle management system is key for a physician to be effectively involved in the healthcare provision service. Revenue cycles management systems for physicians utilizes a medical billing software that enables to track the patient care in a health facility starting from registration and scheduling of appointments to the payment of all outstanding balances. Linking of the administrative data of a patient such as name, insurance provider and other personal information with the treatment a patient receives and their healthcare data is made easier in a revenue cycle management system. In a healthcare facility, the International Classification of Diseases, tenth edition(ICD-10) codes which are a clinical cataloging system is used in categorizing the patient’s nature of treatment.
Several procedures are involved in the revenue cycle management systems. Firstly, medical services are rendered into billable charges then the billable fees submitted to the insurance company where a patient is insured. Before payments are collected, coding diagnosis and procedures are done to determine the balance the patient has to pay. A pre-registration is done before the patient arrives for inpatient or outpatient services and then a registration is done ensuring the patient provides all the required information. Remittance processing allow application or rejection of payment which finally are collected from a third party insurer.
Revenue cycle management companies do exists and offer revenue cycle management services with different terms and conditions. Efficiency of the running of day to day activities and profitability of a healthcare facility can be affected by the selected revenue cycle management company offering the revenue cycle management services. Different revenue cycle management companies offer different pricing and service plans for the revenue cycle management system hence should be critically looked into. Performance guarantee of the revenue cycle management system, software and support should really be checked to ensure efficiency. The revenue cycle management company should have a way of handling complaints, disputes and questions from customers mostly brought about by billing errors to ensure efficient customer interaction for it to be considered.
Revenue cycle management systems have a number of importance in the healthcare facility. Billing system, time-saving since all duties are performed automatically and linking the patients’ administrative data to the treatment received are made easier by a revenue cycle management system. A revenue cycle management system can therefore either build or bring down a hospital or physician practice, therefore, should be selected very wisely.