Healthcare Facilities Effective Management.
A physician also referred to as a medical practitioner promotes, maintains or restores health by studying, diagnosing and treating a disease or injury as well as other physical and mental impairments of a patient since he/she has specialized in medicine. A physician can be specialized to handle a specific type of ailment or they can practice general practice where they 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.
A revenue cycle management system is key for a physician to be effectively involved in the healthcare provision service. 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. Once an insured patient is treated, the health care facility categorizes the nature of the treatment according to the International Classification of Diseases, tenth edition(ICD-10) codes which is a clinical cataloging system.
Revenue cycle management systems should be done by following various set steps. Firstly, medical services are rendered into billable charges then the billable fees submitted to the insurance company where a patient is insured. 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 allow application or rejection of payment which finally are collected from a third party insurer.
Revenue cycle management services are offered by several revenue cycle management companies. 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. 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.
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.
Advanced reading: find