What is Revenue Cycle Management and How Can it Benefit Hospitals?

"Since a majority of patients may be enrolled in an insurance policy, gathering accurate data and verifying information becomes top priorities. After patients provide insurance information, it is advisable to confirm eligibility for coverage prior to hospital admission. Through this practice, the hospital can avoid expensive liabilities and minimize the likelihood of claims being denied, which can cause undue inconvenience to patients. As the EHR Intelligence excerpt suggests, using a certified EHR technology makes the process more efficient. The automated system can record insurance information aside from other health data, so the hospital can send batches of data to a clearinghouse for eligibility confirmation. Through proper guidance on these innovative programs, leading revenue cycle management companies like DECO Recovery Management enable hospitals to improve their collection strategies and focus on providing better care to patients."
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Streamlining the Revenue Cycle

A revenue cycle refers to the activities involved in the sale and delivery of goods and services to the customer. From the endorsement of goods and services to managing transactions, revenue cycles are basically the core of doing business. Every industry, including healthcare, has its own revenue cycle.

The cyclical process ensures continuous revenue for the medical facility over the course of the patient's life. However, the risk of a domino effect affecting the entire process is higher, which is why medical facilities must take extra care when processing transactions. A minor error at any point in the process can cause a chain reaction, affecting revenue and customer satisfaction.

Technology opens a new world of possibilities in improving the revenue cycle, although it's still important to keep in mind that technology is only as good as the human input. By using state-of-the-art software and revenue cycle solutions, medical facilities can streamline the revenue cycle with a lower risk of creating issues and concerns for the customer.

These systems will become essential as medical billing makes the shift to the newer ICD-10 standard. It will implement more billing codes than its predecessor the ICD-9, and this change will surely create more confusion for a medical facility without a revenue cycle management system.

How Do Children Qualify For Disability Benefits

The Social Security Administration (SSA) normally grants monthly payments to disable people and low-income individuals. But children can also qualify for supplemental security income payments if they are under 18 years of age and have conditions that fall within the government definition of disability. Here are the requirements underage applicants must meet for SSA to consider them disabled:

Must Not Be Working

The child applicant must not be working or not earning more than $1,070 per month (in 2014) to be called disabled.