Healthcare Facilities Effective Management.
A physician also referred to as a medical practitioner promotes, maintains or restores health by studying, diagnosing and treating a disease or injury as well as other physical and mental impairments of a patient since he/she has specialized in medicine. Medical practitioner specializes to handle specific category of ailments or can be general practitioners who offer continuing and comprehensive medical care to individuals, families, and communities. Practicing in the medical field as a physician requires one to have knowledge as well as competence.
A revenue cycle management system is key for a physician to be effectively involved in the healthcare provision service. A medical billing software is used in the revenue cycle management system 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. Administrative data of a patient such as name, insurance provider and other personal information is coupled with the treatment a patient receives and their healthcare data in a revenue cycle management system. Once an insured patient is treated, the health care facility categorizes the nature of the treatment according to the International Classification of Diseases, tenth edition(ICD-10) codes which is a clinical cataloging system.
Several procedures are involved in the revenue cycle management systems. The first one is to render medical services into billable charges where the billable fees are 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. Before a patient arrives for the inpatient or outpatient services, a pre-registration is done and then on arrival registration is done with the patient providing all the required information. Remittance processing to either apply or reject payment is done finally collecting payment 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. Pricing and service plans should be considered since different revenue cycle management companies will have different pricing plans for the services offered. A physician should look into the performance guarantee of the revenue cycle management system as well as if software and support are available. A revenue cycle management company can be considered if it has proper customer services that ensure effective and efficient handling of complaints, disputes and questions from customers mostly brought about by billing errors.
A healthcare facility whose administrative and billing systems are run by a revenue cycle management system will reap several benefits. Revenue cycle management systems which have been put in place in a healthcare facility makes running of activities in a hospital easier such as proper billing system, time-saving because all activities are done automatically and also links patients’ administrative data to the treatment received. A wisely or poorly selected revenue cycle management system can either make or break a hospital facility or a medical practitioner practice.
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