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.
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.
It’s been more than a few weeks since the implementation of ICD-10 across the country. ICD-10 was endorsed by the World Health Assembly in 1990; WHO member states started using it as of 1994. The United States too made the first draft of ICD-10 available in 1995. Fast forward to 2015, two decades later, and we still lament the lack of time in preparing for ICD-10.
The healthcare industry is bracing itself for probable disruptions that the latest version of International Classification of Diseases will bring with its new set of codes for describing illnesses and injuries.
Under ICD-10, cardiologists will have 845 codes for angioplasty, dermatologists will need to be specific regarding which of eight kinds of acne a patient has,
With the implementation deadline of ICD-10 less than a week away, many healthcare groups and physicians are nervous about this inevitable transition. After all, for providers alone the shift will bring about more than five times, approximately 68,000 diagnostic codes in comparison to the current 14,000 ICD-9 codes. While the larger healthcare providers are ready for ICD-10,
MedConverge helps physician practices become ICD-10 ready.
A lot of discussion has gone into how ICD-10 (International Classification of Diseases, 10th Revision) will impact physician practices, and ultimately change the face of their bottom-line.
However, what seem less debated are the possible solutions that physician practices can adopt, and do well as usual,
Yes, truly! You can be assured of your practice’s financial health by asking yourself these Three Questions periodically:
1. Is my front office efficient? Because front office is where it all begins. When we consider the fact that most patients have a minimum of $10-$15 primary physician copay and $30-$40 specialist copay,
You should never,