Healthcare Revenue Cycle
Together the two companies will leverage their combined broad and complementary revenue cycle management RCM capabilities to fuel strategic growth in the healthcare sector.
Healthcare revenue cycle. From billing and collections to completing a payment within the revenue cycle the process to identify a patient provide care and then collect that revenue has come a long way from its traditional approach of billing coding then collecting. The CMI will reflect the resource intensity or clinical severity of a specific group in relation to other groups in the classification system. In the most simplistic and basic terms this is the entire life of a patient account from creation to payment.
Healthcare delivery systems to collect revenue for healthcare services provided. Any technical or operational solution should consider. 70 of providers reported it takes one month or longer on average to collect payment from a patient.
Revenue cycle inefficiencies accounted for 15 percent of 27 trillion spent on healthcare in 2013 or about 400 billion according to McKinsey Company. Recently more emphasis has been placed on having qualified staff working in these areas to ensure an effective and efficient process in the collection of revenue. The healthcare revenue cycle can be likened to the bodys blood flowif its cut off in one spot the entire system is affected.
The case mix index CMI can be defined as the average relative weight of all cases treated at a given facility or by a given physician. Healthcare Revenue Cycle Nursing Essays Writers. Now robust healthcare revenue cycle strategies include detailed information from multiple departments.
Healthcare revenue cycle management is the financial process of collecting payments for medical bills to generate revenue for a healthcare organization. Thats why its important to look at the different administrative and clinical functions that make up the cycle and ensure that each is properly functioning. The global healthcare revenue cycle management outsourcing market is expected to grow at.
Contact us on 301-478-0590 or inforevenuehealth. At the bedside and beyond the revenue cycle touches every aspect of a healthcare organizations clinical AND financial operations. Defining Healthcare Revenue Cycle Management.