Hospitals and different
health care institutions rely on a steady influx of revenue to ensure
that they stay in business and function more effectively to serve the
public. To make sure that they are able to meet the daily
requirements of expenses to stay in operation, medical institutions
and offices establish proper revenue cycle management into their
business approach. You may ask, “What is revenue cycle management?”
Revenue cycle management is
the process of taking the appropriate steps to guarantee timely
payment for medical assistance. The revenue cycle begins when a
patient first calls into a doctor’s office for an appointment, or
visits a hospital and provides the staff with his name, phone number,
and the name of his insurance company. The cycle ends when the
balance on that patient’s account is completely cleared.
To properly keep track of
the entire process, technology is employed to automate the process,
which largely involves cataloging patients’ data and managing their
file throughout, so that healthcare providers can follow through the
progress of each patient and address any issues that may arise.
Revenue cycle management
facilitates other patient-related financial activities, as well.
Using the automated process, healthcare providers can quickly check a
patient’s insurance eligibility before admission. With quick and
easy access to a patient’s file, medical institutions also gain the
ability to counsel patients on the spot about high-cost procedures
and how some of the treatment approaches may impact their finances.
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