Week 3 Discussion
1. Underlying all financial management in healthcare organizations is the healthcare budget. Just as financial management involves several layers so does budget planning, development and management. Guide to Healthcare and Hospital Budgeting
What Keys to Success might you suggest be added to the above general list (if any) to ensure sound budget planning in a healthcare organization?
2. Revenue cycle management is indeed critical to understand AND to manage in order to ensure maximum reimbursement and timely payment from third-party payers. Following below are the typical steps in the revenue cycle.
Revenue Cycle
1) Schedule patient and pre-register
2) Registration, financial counseling, collection of patient amounts
3) Service is provided to patient with utilization review and case management ongoing
4) Capture all charges and code for billing
5) Submit claim to payer ASAP
6) Review rejected claims, follow up for “clean claim”
7) Accept/reject payment, post to patient account Of course, an error can occur during any point of this cycle.
3 Common Revenue Cycle Management Mistakes and How to Avoid Them might stimulate your thoughts about this.
What is the point at which you would expect most errors to occur? Why? How can that particular cog of the cycle be managed more intensely to prevent errors.