Revenue Cycle in Healthcare
discussion – revenue cycle and current account management in healthcare
The revenue cycle in the healthcare industry is unique considering the interaction between provider, payer, and patient. Add on top of this the ongoing confluence of factors surrounding the transition to ICD-10, price transparency, consumerism, and various reimbursement structures (e.g., fee for service (FFS), bundled payments, value based purchasing, risk based/capitated) and you have an extremely complicated revenue model. On the flip side of this coin, we also contend with a robust procurement chain with hundreds of thousands of end items required to service any modern acute care facility.
For this discussion, do the following:
- Locate at least one online resource (a link, article, or book, for example) pertaining to the healthcare revenue cycle or working capital management process.
- In your discussion, examine the content and then share the resource (post your resource and use APA style). Summarize the resource(s) and what you find useful about it.
Answer preview
The article, “Revenue Cycle Startup Thinks It Can Collect on Previously Uncollectable Claims,” illustrates how hospitals lose a lot of revenue due to poor management of claims (Jeff, 2017). In fact, $3.5 million is lost due to uncollectible claims. The article also establishes that a revenue cycle analyses that was conducted by the advisory boards identified that health providers canceled 90% of the claims in 2017 than they did in 2011. Health organizations can overcome the issue of uncollectible claims caused by inappropriate revenue cycle execution, by investing in resources like revenue cycle management system (Jeff, 2017)…
(300 words)