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. Medical practitioner specializes to handle specific category of ailments or can be general practitioners who 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.
Physicians to fully be engaged in the medical practice requires 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. A revenue cycle management system helps connect 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. 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 involves several processes. 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. 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. Application or rejection of payments is done through the remittance processing and final payment is collected 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. Different revenue cycle management companies offer different pricing and service plans for the revenue cycle management system hence should be critically looked into. A physician should look into the performance guarantee of the revenue cycle management system as well as if software and support are available. 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. 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 wisely or poorly selected revenue cycle management system can either make or break a hospital facility or a medical practitioner practice.