The revenue cycle begins with the appointment or hospital visit and finishes when the hospital gets fully reimbursed for the services rendered.
Fremont, CA: Revenue cycle management is helpful for healthcare organizations to monitor revenue from patients from the time of their first appointment or interaction with the organization until they settle their debt. Let's see the steps involved in Revenues cycle management.
Preregistration
The most important phase inside the revenue cycle process is preregistration. Preregistration helps a medical practice acquire insurance, demographic, and eligibility information in real-time via a clearinghouse, often while the patient has been on the call. Meanwhile, sending the data to the patient's insurance carrier and then sent through the physician's practice management system informs the provider about the patient's coverage, deductible, co-insurance, co-payment, and, in some instances, if a referral is required.
Registration
From start to finish, registration ensures that the patient's information is 100 percent accurate. Upon registration, the provider verifies the patient's address, phone number, date of birth, guarantors, and insurance information upon registration, and they must keep this information private each time a patient gets treated.
