Effective Running Of Healthcare Facilities.
Specialization in medicine makes one a physician or a medical practitioner where he/she will be required to promote, maintain or restore health through the study, diagnosis and treatment of a disease or injury in a patient physical and mental impairments. Physicians can either be specialized to handle only specific category of diseases or can offer general practice where they offer to continue 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.
Physicians to fully be engaged in the medical practice requires a revenue cycle management system. 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. Nature of a patient’s treatment is categorized according to the International Classification of Diseases, tenth edition(ICD-10) codes which are a clinical cataloging system in a healthcare facility.
Revenue cycle management systems should be done by following various set steps. A patient should be insured therefore medical services are rendered into billable charges first where the billable fees are submitted to the insurance company. Before payments are collected, coding diagnosis and procedures are done to determine the balance the patient has to pay. A pre-registration is done before the patient arrives for inpatient or outpatient services and then a registration is done ensuring the patient provides 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. Different revenue cycle management companies offer different pricing and service plans for the revenue cycle management system hence should be critically looked into. A physician should look into the performance guarantee of the revenue cycle management system as well as if software and support are available. Customer services which involves customer interaction should be checked to determine how the revenue cycle management company handles 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 hospital or a physician practice can either be made or broken by a revenue cycle management system that is used in the facility.