Hospital Revenue Cycle Management
Revenue cycle is the set of processes that healthcare organizations use to claim payments and generate incomes. The healthcare revenue system engulfs all the administrative and clinical functions that enhance payment collection and revenue generation. Hospitals have the mandate of ensuring that revenues are collected and managed efficiently. Revenue cycle management simplifies healthcare processes, billing systems and revenue collection by registering, scheduling and processing payments (Nowicki, 2015). Revenue cycle management is also vital in improving organizational accounting strategies by linking EHR with accounting services as well as linking administrative data such as patient details with the care provision units to ensure that healthcare needs are met with efficiently.
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This requires communication and coordination between both front and back office staff. The nature of the staff and technology works in an intertwined fashion to achieve excellent and desirable financial outcomes for the hospital. A skilled team with the requisite experience is inevitable for effective revenue management. This encompasses all the staff from the administrative to the clinical staff, who works harmoniously in coordination towards effective service delivery and, ultimately, revenue management. For optimisation of returns, it is essential to have the proper tools to enable the staff execute their duties efficiently (Nowicki, 2015). This requires the inception of appropriate technology and equipping the staff with necessary skills in operationalizing the technology for efficient service provision, as payments for healthcare are made for quality rather than quantity of service offered. These pointers of revenue cycle management work in coordination to achieve the desired