What Are The 13 Steps of Revenue Cycle Management

1. What Are The 13 Steps of Revenue Cycle Management?

2. Healthcare organizations, when run on a small scale, tend to have particular problems in the financial area. As such, it’s important to become aware of the revenue cycle management process so that there is stability and smoothness when providing the medical services. • For many healthcare providers, mastery of these processes is the way forward in ensuring timely and consistent payments, without which late payments could threaten the financial health of the practice. • Effective revenue cycle management involves everything that is concerned with the follow-up of patient care episodes—from the very first contact

3. for an appointment to receiving the last amount for that particular treatment. • RCM doesn’t only ensure that you get paid for the services you render, but it also helps in improving patient satisfaction and keeps your practice healthy.  • We detail throughout this article, in simple actionable steps, the 13 steps of healthcare revenue cycle management to enable easy implementation in your medical practice. • Patient Pre-Registration • The revenue cycle begins before a patient even steps into your practice. During patient registration, key patient data are collected, including:

4. Demographics • Medical History • Insurance Details • Accurate pre-registration is essential to verify the patient’s insurance coverage and prevent errors later in the billing process. 2. Insurance Verification • Once you have the patient’s insurance details, the next step is verifying their insurance eligibility, thereby ensuring you’ll be paid for the services your practice performs. Missing this step means denials and eventual non-payment may result.

5. 3. Patient Check-In • It is always crucial to reconfirm the information of the patient at the time of the visit. This will entail verification of insurance, collecting copay, and completion of forms and signatures. Precise check-in reduces errors that delay claim processing. • To read our full blog post, click here: https://pmninc.biz/what-are-the-13-steps-of-revenue-cycle-management/