Revenue cycle is defined by the Healthcare Financial Management Association as “All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” The term includes the entire tenure of a patient account – from its creation to the payment. The process of revenue cycle flows into and affects each component of the system.
Often mistakenly assumed to be the same, medical billing and medical coding are two very distinctly separate jobs. Although there are many similarities between the two and small healthcare settings may entrust a single person for doing both the tasks; most medium and large healthcare facilities have different individuals responsible for the two different jobs.
When Dr. Robert Schultz started his presentation to the Board of Directors of the hospital, he was not too confident on the outcome. After all, as his Chief Financial Officer had pointed out, it was not easy to convince the Board to allow an increase of nearly 10 percent in their capital expenditure budget. While it was true that the hospital was making large strides in population health management,
Population health management (PHM) is moving forward at a very rapid pace, due to the shift in healthcare priorities and related business models coupled with the ever increasing cost of healthcare and helped by the emergence and utilization of big data analytics.
Before we get to the issue of how population health management works,
Technology is a two way sword – adopting the correct technology will reap you good rewards and high profits; however, choosing the wrong technology will bring down your efficiency and prove costly. Selecting an Electronic Health Record system is a critical decision as it is a big investment for hospitals. According to a recent survey by Software Advice,
‘To Err is Human…’ is not a phrase one wants to hear in the professional context. However, there is no denying that people tend to make mistakes – the following are a few common coding errors. Hopefully, being aware of these possible errors will help avoid them.
Incorrect Basic Information
More often than not,
The Healthcare Industry has always been on top of the game when it comes to technological advancements and usage. Computers, ECG machines, even artificial intelligence has been integrated with leading US hospitals. However, most of these advancements have been in the core medical practices.
It is universally known that American Healthcare has one of the most complex billing systems.
‘Change is constant’! No matter in what context we use this phrase, it does tend to give us chills. Human tendency is to try and avoid change as far as possible. However, there’s not always a choice. The unwillingness to accept ‘change’ is what makes life more difficult. The recent implementation ICD-10 is the perfect example.