While small practices, hospitals, and large healthcare systems are acknowledged for treating patients and saving lives, every healthcare corporation should develop thriving policies and processes to ensure that they stay healthy financially. This is where revenue cycle management comes into the picture.
Healthcare revenue cycle management Healthcare revenue cycle assessment is the process that is used by the medical facilities to assess the clinical and administrative functions that are linked with payment, revenue generation, and claims processing. The procedure includes the identification, collection, and management of patient service revenue. Not including this financial process will force healthcare organizations to shut their doors when patients come in for treatment. The revenue cycle assessment is the scheme that these organizations utilize to pay their bills. Healthcare revenue cycle assessment basics It starts when the patient seeks a medical appointment to get medical services and comes to its closing stages when all the patient payments and claims have been accumulated. But, the patient’s account life is not as clear-cut as it appears. To begin with, when a patient enquires for an appointment, the staff should deal with the scheduling, eligibility verification of the insurance, and the account establishment of the patient. Pre-registration is important to optimize healthcare revenue cycle assessment processes. The employees must create an account for the patient with the medical history and insurance coverage details. After a patient is consulted, it is now time for claims submission. The treatment of nature and the appropriate ICD-10 codes should be identified. Such codes indicate how much a body is reimbursed for special treatments, which is why the coders should choose the proper code to avert claims denials. With frequent changes being made in the healthcare regulations, it can get complicated for healthcare organizations to preserve stable healthcare revenue cycle assessment policies. Whether you possess a partial EHR system or a fully functional EHR system or even conventional medical records, you need to approach the seasoned consultants such as “Velocity Made Good Healthcare Consultants” to utilize your available data to assess your revenue cycle processes. They also help in coming up with a long-term plan to preserve the best most favorable revenue cycle. For more information regarding Revenue Cycle Assessment, visit www.vmghcconsult.com or call us (844)-259-3243, for the best healthcare consultants in Gulf Breeze.
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