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. 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. 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. 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. 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 involves several processes. 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. Registration is done where a patient provides all the required information although pre-registration is done before the patient arrives for inpatient or outpatient services. 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. 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. 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. 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 hospital or a physician practice can either be made or broken by a revenue cycle management system that is used in the facility.