Learning Goal: I’m working on a finance discussion question and need the explanation and answer to help me learn.
Revenue cycle management is an important function for healthcare systems. The management of the review cycle management focus on key metrics:
- Dates of Service Outstanding (DSO)
- Net Percentage Collection
- Accounts Receivable Over 90 Days
- Bad Debt Percentage
In your post, describe each metric for the revenue cycle process while describing which metric is more important. Please support your conclusion with scholarly citations.
Embed course material concepts, principles, and theories (which require supporting citations) in your initial response along with at least 3 scholarly, peer-reviewed journal article. Keep in mind that these scholarly references can be found in the Library by conducting an advanced search specific to scholarly references. Use University academic writing standards and APA style guidelines.
What is Revenue Cycle Management in Healthcare?
Revenue cycle management refers to the process of managing the flow of patient information and medical claims through the healthcare system. The goal of revenue cycle management is to ensure that healthcare providers are paid for the services they deliver in a timely and efficient manner.
This typically involves a combination of people, processes, and technology working together to manage the various steps in the revenue cycle, such as verifying insurance coverage, submitting claims to payers, and collecting payments from patients.
Revenue cycle management is all about making sure that all of the steps involved in a claim’s processing are accurate, even if a patient has an account with the provider. An inaccurate or ineligible insurance policy will only result in a denied claim later in the revenue cycle, which means a delay in your reimbursements. It also means more work for you, who must then comb through the patient’s information to correct the errors made by your provider.
Best Revenue Cycle Management Companies
We’ve compiled a list of the products that have won our Top Rated award. The list is based on reviews, rating, customer satisfactions and KLAS rating. The Best in KLAS report ranks software and services vendors based on the feedback of thousands of healthcare professionals around the world. A Best in KLAS award signifies to the healthcare IT industry that these companies are committed to providing high-quality products and services.
Most aspiring physicians enter medicine out of a desire to help people. But helping people is also a business, and it’s important to remember that when you’re running a practice. Many practices forego revenue cycle management services, and that can hurt their bottom line. These revenue cycle management companies can help reduce the burden of billing on your staff and patients by streamlining the process.
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