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. 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. 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. 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. A patient should be insured therefore medical services are rendered into billable charges first where the billable fees are submitted to the insurance company. 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.
There exist various revenue cycle management companies that offer revenue cycle management services. 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. 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 revenue cycle management system can therefore either build or bring down a hospital or physician practice, therefore, should be selected very wisely.