Efficient Handling Of Healthcare Facilities.
Physicians can be as well termed as a medical practitioner who is specialized in medicine where he/she promotes, maintains or restores health by studying, diagnosing and treating a disease or injury as well as other physical and mental impairments. 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. Knowledge and competence are key for one to be a fully certified physician and be allowed to practice.
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. A revenue cycle management system helps connect the administrative data of a patient such as name, insurance provider and other personal information with the treatment a patient receives and their healthcare data. 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.
Several procedures are involved in the revenue cycle management systems. A patient should be insured therefore medical services are rendered into billable charges first where the billable fees are submitted to the insurance company. Coding diagnoses and procedures are done then followed by determining the balance the patient has to pay and collecting payments. 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.
There exist various revenue cycle management companies that offer revenue cycle management services. 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. Prices charged and the service plan should be checked as different revenue cycle management companies offer different pricing plans for the revenue cycle management system. Guarantee of the performance of the revenue cycle management system together with software and support should also be factors considered. The revenue cycle management company should have a way of handling complaints, disputes and questions from customers mostly brought about by billing errors to ensure efficient customer interaction for it to be considered.
Revenue cycle management systems running a healthcare facility both administrative and billing systems have many advantages. The revenue cycle management system makes billing systems easier, saves time since all duties are performed automatically and links the 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.