What Is The Definition Of Revenue 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 through a typical. Revenue cycle is a method of defining and maintaining the processes used for completion of an accounting process for recording of revenue generated from services or products provided by the company which include the accounting process of tracking and recording transaction from beginning normally which starts from receiving order from customer or entering in agreement with customer delivering order to customer and end with getting payment from customer. The revenue cycle includes all the administrative and clinical functions that contribute to the capture management and collection of patient service revenue according to the healthcare financial management association hfma.

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A different perspective on the normal sales cycle in which calculations begin on the day the company meets the potential customers and follows the transactions throughout the sales period continuing.

What is the definition of revenue cycle. The revenue cycle is defined as all administrative and clinical functions that contribute to the capture management and collection of patient service revenue. In the most simplistic and basic terms this is the entire life of a patient account from creation to payment. The revenue cycle is a term used in accounting and business that describes the journey of a product or service from its humble beginnings to its sale. A healthy revenue cycle produces a healthy practice but the process can quickly become ineffective without the proper approach.

Definition of revenue cycle. Revenue cycle is a recurring business activities and information processing operations involved in the process of delivering goods and services to customers and receiving payments for the sales. Rendering medical services into billable charges. Here is what s involved in the revenue cycle.

The process in which healthcare facilities manage the entire billing lifecycle of the patient is called revenue cycle management rcm. Revenue cycle management is the process used by healthcare systems in the united states and all over the world to track the revenue from patients from their initial appointment or encounter with the healthcare system to their final payment of balance. The revenue cycle begins when the business delivers a product or provides a service and ends when the customer makes the full payment.

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