Definition Of Healthcare Revenue Cycle
It consists of all administrative and clinical functions that contribute to the capture management and collection of patient service revenue.
Definition of healthcare revenue cycle. Revenue cycle management rcm is the overarching combination of claims processing payment and revenue generation. Health care revenue cycle management consists of the tools methodologies and techniques that medical institutions use to review patients financial situation issue invoices and collect payments from the federal and state governments insurance companies and other organizations. Revenue cycle management rcm is the financial process utilizing medical billing software that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. Healthcare revenue cycle management is the financial process that facilities use to manage the administrative and clinical functions associated with claims processing payment and revenue generation.
The revenue cycle is defined as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue. At the bedside and beyond the revenue cycle touches every aspect of a healthcare organization s clinical and financial operations. In this lesson lauren will learn about the three main functions in the hrc cycle. The cycle can be defined as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue it is a cycle that describes and explains the life cycle of a patient.
The healthcare financial management association defines revenue cycle as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue. In the simplest terms it is a health care organization s financial circulatory system. Rcm unifies the business and clinical sides of healthcare by coupling administrative data such as a patient s. In the most simplistic and basic terms this is the entire life of a patient account from creation to payment.
The healthcare revenue cycle is a process whereby revenues are generated from services rendered to patients.