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. 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.
Practicing medicine in a healthcare facility requires efficient running of activities which are made possible by 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. Linking of 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 is made easier in a revenue cycle management system. In a healthcare facility, the International Classification of Diseases, tenth edition(ICD-10) codes which are a clinical cataloging system is used in categorizing the patient’s nature of treatment.
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. 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. Application or rejection of payments is done through the remittance processing and final payment is collected from a third party insurer.
There exist various revenue cycle management companies that offer revenue cycle management services. Selecting the best revenue cycle management company can have an implication of the profitability and efficiency of day to day activities of the healthcare facility. Pricing and service plans should be considered since different revenue cycle management companies will have different pricing plans for the services offered. Performance guarantee of the revenue cycle management system, software and support should really be checked to ensure efficiency. A revenue cycle management company can be considered if it has proper customer services that ensure effective and efficient handling of 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. Billing system, time-saving since all duties are performed automatically and linking the patients’ administrative data to the treatment received are made easier by a revenue cycle management system. A wisely or poorly selected revenue cycle management system can either make or break a hospital facility or a medical practitioner practice.