The healthcare revenue cycle consists of many steps. This means that there are many opportunities for errors to occur. Any errors in the revenue cycle can delay the provider’s reimbursement from insurers and patients or halt reimbursement altogether. Revenue cycle management emphasizes accurately completing this patient intake step, even if a patient already has an account with the provider...
Healthcare changes dramatically because of technological developments, from anesthetics and antibiotics to magnetic resonance imaging scanners and radiotherapy. Future technological innovation is going to keep transforming healthcare. Yet, while technologies (new drugs and treatments, new devices, new social media support for healthcare, etc.) will drive innovation, human factors will remain one of the stable limitations of breakthroughs...
Things are tough out there for labs and other healthcare organizations. Reimbursements have been declining. The Inflation rate and expenses are rising. And finding and keeping staff can be a full-time job. It all adds up to a perfect storm that makes reimbursements – whether from insurers or patients – harder to obtain...
In the healthcare industry, an efficient RCM process guarantees that every encounter with a patient, from the first query to the last payment, is efficiently managed. In other words, the right data is gathered and recorded, patients are only charged for the services rendered, third-party payers are informed promptly, and payments are collected....