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Forum Question: provide a detailed instruction on Step 1, 2, and 3 of the 10-step revenue...

Forum Question: provide a detailed instruction on Step 1, 2, and 3 of the 10-step revenue cycle. What tasks are done in each step by a medical assistance? ( 150 words)

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Answer #1

Reveneu cycle

It can be defined as all administrative and clinical function that contribute to the management ,collection of patient and capture of patient service revenue

There are mainly 10 steps are there in the reveneu cycle

the first three steps are the following

1)Patient registration

  • In this data or the information which include insurance verification is well detailwde in a format and to process the claim for the service that renderd by health care
  • Where us RCM company holds a strong grip on patients record in order to the flawless billing
  • But the important thing is that the above methods are only for the new appointment .The information of the old appointment will be already saved
  • By this it gives th oppurtunity to medical billers to verify with details provided with submission

2) Insurance verification

  • It is the 2nd step in the cycle
  • So in this the medical billing team very strictly ensure the patients insurance strictly
  • Also eligibility and policy benefits are thoroughly focused
  • It also able to check the patient’s responsibilities such as co-pay,deductible and out of pocket wheather the patient had accumulated the expenses
  • Mainly the staff use software system to verify the patient’s data in order to speed up the work

3)Encounter

  • In this step when the patient consults healthcare provider ,the details of the condituion and service performed is recorded either by audio or video mode
  • It is mainly recorded in front of the patient
  • It gives a clarity about the condition and medications that health provided has prescribed
  • Then after they submit that record to the RCM company to process medical billing and claim the reveneu
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