Efficient Handling 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 involves several processes. 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. 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. 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 wisely or poorly selected revenue cycle management system can either make or break a hospital facility or a medical practitioner practice.