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. One requires to have knowledge and competence to be properly engaged in medical practice.
A revenue cycle management system is key for a physician to be effectively involved in the healthcare provision service. Revenue cycles management systems for physicians utilizes a medical billing software 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 should be done by following various set steps. The first one is to render medical services into billable charges where the billable fees are submitted to the insurance company where a patient is insured. 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. 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. 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. 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. 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 wisely or poorly selected revenue cycle management system can either make or break a hospital facility or a medical practitioner practice.