Detailed description of Revenue Cycle Management

Revenue cycle management Services can be defined as a process in which a few steps are taken in order to assure that you get paid for everything you do. It also means getting paid in a timely fashion and an orderly manner. Revenue cycle starts exactly when a particular patient calls a doctor’s office for an appointment and the staff then writes down and captures the name of the patient, his phone number and also the name and address of the insurance company of that particular patient. The cycle ends later when the balance on the patient’s account is brought down to zero.

According to some practices, it is not affordable to take any time on the mobile phone when a patient has called for an appointment to collect information related to insurances. This means that the practice doesn’t exactly get to verify the insurance coverage of a particular patient before an appointment. If the coverage is not verified before the presence of the patient, the patient will have to hold in order toverifythe insurance papers and insurance coverage. This mostly puts the whole schedule off track as it is very inefficient for all the people involved in the process.

Accounts receivable management services are also important and significant. It can also save a particular business to a very great extent. It can be defined as a reasonable and legally enforceable claim for the payment that is held by a business against various customers or clients. This is done for the goods supplied, and the services that have been rendered. These come generally in an invoice form that are raised by the businesses and also later delivered to a customer for the payment which must be done in side a specific period of time. It is shown in the assets side of a particular balance sheet of a company or a healthcare agency. Thus management of accounts receivable is very important and various professional chartered accountants and auditors are appointed by a business unit for the proper management of accounts receivable.

It mainly represents the money that is owed by the entities to any particular firm. This money owed usually arises when a product is sold or a service is rendered on credit. The invoice that is generated is mostly generated in an electronic format. This is then delivered to a customer who then pays the money.