What Are The 13 Steps of Revenue Cycle Management?

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What Are The 13 Steps of Revenue Cycle Management?
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• Healthcare organizations, when run on a small
  scale, tend to have particular problems in the
  financial area. As such, its 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 episodesfrom the very first
  contact

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• for an appointment to receiving the last
  amount for that particular treatment.
• RCM doesnt 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

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

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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
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  e-cycle-management/