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.
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. 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. 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. A patient should be insured therefore medical services are rendered into billable charges first where the billable fees are submitted to the insurance company. Determining the balance the patient has to pay is done through coding diagnosis and procedures and the collection of 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.
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. 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. 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.
Revenue cycle management systems have a number of importance in the healthcare facility. 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 hospital or a physician practice can either be made or broken by a revenue cycle management system that is used in the facility.