Revenue Cycle Definition In Healthcare

Keep up with the latest revenue cycle trends and related subtopics of billings and collection charge capture and coding denials patient access physician group revenue cycle self payment charity care patient financial communications and more.

Revenue cycle definition in healthcare. They help you obtain a more complete picture of revenue cycle performance. One single gap in data can significantly impact revenue streams. A revenue cycle management rcm is a financial administration which helps hospitals to be efficient with their finances and patient service. Revenue cycle management is the process used by healthcare systems in the united states and all over the world to track the revenue from patients from their initial appointment or encounter with the healthcare system to their final payment of balance.

The healthcare financial management association defines revenue cycle as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue. As healthcare s lean quality driven healthcare climate continues to unfold revenue cycle depends on the complete and accurate documentation of patient information beginning at the point of registration and extending through the clinical documentation process. In the most simplistic and basic terms this is the entire life of a patient account from creation to payment. A revenue cycle management manages revenue vital for hospitals by providing patient care services through outstanding payment management with the help of medical billing software and insurance companies.

Revenue cycle beyond receivables cash and a r days. A healthy revenue cycle produces a healthy practice but the process can quickly become ineffective without the proper approach. The cycle can be defined as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue it is a cycle that describes and explains the life cycle of a patient. Here is what s involved in the revenue cycle.

An expanded set of key indicators is valuable in helping you do the following. Healthcare revenue cycle management is the financial process that facilities use to manage the administrative and clinical functions associated with claims processing payment and revenue generation. The revenue cycle is defined as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue. The process in which healthcare facilities manage the entire billing lifecycle of the patient is called revenue cycle management rcm.