For a hospital to continue providing quality healthcare for its patients, it needs to make profits, and these earnings are dependent on the revenue cycle. The revenue cycle involves several processes, from the time a patient comes in to get treatment, up to the time he is billed, and until he or his insurance provider makes payment for such services.
There are instances, however, wherein a hospital faces challenges when it comes to revenue, further stressing the need for decisive action on the part of the management.
Errors in Data Gathering
Revenue cycle management often involves pinpointing the cause of lost revenue or potential debt in a hospital. At times, this happens when front line staff make errors when interviewing patients as soon as they enter the facility. They make mistakes in inputting the correct data about a patient’s personal info, contact details, his condition and meds, and others. Read more on this article: