This website uses cookies to ensure you have the best experience. Learn more

Revenue Cycle Management Essay

679 words - 3 pages

Synopsis - Integrated solution for Revenue Cycle Management and Medical Records

Physician practices are being called on to do more than ever before. Today’s physicians must treat more patients, document interactions more meticulously, wrangle with more complex managed care rules, keep track of an ever-expanding array of drugs, submit and track claims and pay rising malpractice insurance bills. In many cases, physicians must treat 20 percent more patients than they did five years ago to generate the same revenue. In the face of these burdens, some practices are struggling to remain financially viable. For many practices, the biggest impediment to meeting these challenges is continual administrative burden, a lack of automated clinical documentation, and inefficient practice workflow systems. Despite the dramatic advances in many areas of healthcare technology over the past several years, most physician practices—especially small and midsize ones—are still using the same manual and paper-based office management systems they’ve used for decades. With mounting pressure from insurers, government agencies, and patients, physician practices need to reexamine the ways they work and interact. As physicians see more patients and insurers demand reformed documentation for rapid processing of claims, the manual healthcare systems that were adequate in the past will become less and less able to meet new demands.

The problem
The paperwork burden among solo/small group physicians’ is immense, adversely impacting the quality of patient care. In addition a common glitch in all the revenue cycle stages are inefficiencies, resulting in delays and loss of recoverable revenue.

The consequences

Revenue Cycle Management     Medical records
•     Disproportionate amount of working capital tied up in receivables
•     The highest cost of collection in comparison to other industries
•     The average M.D. physician has more than $150,000 in outstanding accounts receivables at any given point in time
•     Spend $7-$12 in direct expenses to file each paper claim
•     Accounts receivable cycle is in excess of 45 days     •     Physicians do not have the relevant information to select the optimal treatments for their patients
•     Medical orders and prescriptions are handwritten and often misunderstood
•     The above leads to occurrence of preventable medical errors and reduces the quality of patient care
•     Inefficient paper-based routines (e.g. filing prescriptions, searching for patient histories, coding etc) have burdened physician’s schedules and bred inaccuracies

Business Opportunity (USA)
•     Significant majority of physicians...

Find Another Essay On Revenue Cycle Management

Metrics Essay

1221 words - 5 pages , scrap and batch size. These metrics serve to define the foundation of the hierarchy. The second tier builds on and uses these metrics. The second tier includes metrics such as total inventory, demand forecast, cycle time and units sold. This leads to the third tier metrics of cost and revenue. Using cost and revenue can then be used to calculate return on investment. The return on investment shows the ultimate efficiency of the companies

Healthcare Practices and The Affordable Care Act

578 words - 3 pages Healthcare practices must contend with many challenges throughout the year, from adopting new technologies to managing health outcomes for any number of patients. Numerous factors can add up to have a dramatic effect on revenue cycle management, creating positive - and negative - changes in providers' bottom lines. Medical practices are businesses, and funds must be controlled to maintain profitability. According to a survey from TransUnion

Working Capital Management Concepts Worksheet

611 words - 2 pages needed for the business. The cumulative capital requirement can be met either from long-term or short-term financing. When long-term financing does not cover the cumulative capital requirement, the firm must raise short-term capital to make up the difference." (Brealey, Myers, & Allen, 2005)Describe the firm's cash conversion cycle: Cash inflowLawrence Sports generates its revenue by purchasing material from their vendors and selling the

Cash vs. Accural Basis of Accounting

842 words - 3 pages . (Gieson, 1995)Cash vs. Accrual Basis of AccountingOn the basis of cash, acceptance of revenues is just when cash is received as well as expenses are accepted just when cash is paid. This approach to revenue and expense acknowledgment is not suitable for the reason that it simply deals with cash receipts and disbursements, without revealing economic activity as well. Also, cash basis revenue might be directed by management or cash flows timing

Human Resources: Performance Management

1562 words - 7 pages companies black listing the organization, government introducing new laws that do not let certain clients be a profitable proposition. Then these clients are dropped from the list and new clients are added. If the economy has suddenly nosedived then the revenue targets are revised to match with the current scenario. The management also reviews the efforts taken by the employee and accordingly provides suggestions, if any are required to help them

Financial Data Management

1115 words - 4 pages development of AIS, the authors point out that AIS “is characterized as maintaining a consistent emphasis on database-related topics and controls from its earliest days” (p. 98). Finally, the authors conclude that development of AIS “would require the creation of the concept of transaction cycles based on routine accounting functions (revenue cycle, purchasing and production cycle, payroll cycle, etc.) and the adoption of information systems

Knowing Macau with Butler's Life Cycle Model

1674 words - 7 pages products in the product life cycle model. This is one the best used management framework to know the evolution in a tourism destination as described by Baum (1998), the original Butler's model included: • Recognition of dynamism within the tourism environment — at the time of its inception, constant change was not as widely recognized in tourism as it is today; • A focus on a common process of development within tourism destinations, permitting


870 words - 4 pages , Financial management, Business intelligence, Performance management, Human capital management Expenditure Cycle Multigroup’s Expenditure cycle is divided in four parts: Ordering the goods, Receiving the goods, Recording the expenditure and paying for the goods. Part 1 (Ordering the goods) The expenditure cycle starts with a purchase requisition. When a department feels the necessity of acquiring something they fill a purchase requisition on the system

Lawrence Sports Working Capital Policy Paper

2323 words - 9 pages working capital management and the best practices or policies a company can institute to optimize working capital.Working Capital PolicyWorking Capital ManagementWorking capital management is the management of a company's finances from the beginning of the cash conversion cycle to the end. Working capital is the cash needed to run the day-to-day operations. The implementation of best practices helps to ensure a company's working capital remains a

The Four P's Of The Marketing Mix

1554 words - 7 pages company to have success with a product, the marketing needs to be strategic in overall outlook, and tactical with each product, depending on where in the life cycle the product is. If the marketing isn't integrated, widely separated activates will not have the desired effect on product sales. The four P's and the life cycle are just one important component to truly integrated marketing management. The mix and life cycle will be examined and real

What is the importance of the concept of the product cycle for business planning and budgeting?

1572 words - 6 pages amount of revenue brought in by the product at certain stages. All products have varying life spans depending on several factors; some have shorter spans like months whereas some items last a lifetime such as petrol fueled vehicles. In any event, when a business decides on putting out a new product the concept of the product cycle is of utmost importance to planning and budgeting. The product cycle concept suggests that all products go through

Similar Essays

The Revenue Cycle In Healthcare Essay

930 words - 4 pages Revenue Cycle The revenue cycle is known as the process by which healthcare providers receive reimbursement for care provided. Bringing in revenue is necessary for the efficient operation of any healthcare facility. The revenue cycle consist of all the steps involved in patient care starting from bringing in the patient, meeting their needs, and receiving payments for services provided (Gillikin). Factors contributing to the complexity of

Accounting Cycle Essay

989 words - 4 pages that is will be discussed in the accounting cycle is the Materials Management and the Accounts Payable areas. Whereas, Accounts Receivable has the task of managing the charges and payments coming into the system, Materials Management and Accounts Payable hold responsibility for maintaining inventory for the organization and making sure the bills get paid for the organization. Materials Managements maintains inventory for the organization. It is

Find The Needle In A Haystack

573 words - 3 pages network including the users of Acteva’s SaaS based Training Management solution within the HR and Training divisions. - Transplant my sales experience and proven best practices. - My new business Rainmaker record. CHOICE: Key driver is the 1-Page leadership team and the institutional nature of the venture. I want to be part of an organization that can manage and sustain the revenue growth that I can definitely achieve. I have the entrepreneurial drive and I am driven to succeed in a challenging environment.

Financial Management And Planning Essay

585 words - 3 pages financial management is to accurately account for the income and expenditures of a business to maximize the monetary value of that business to its owners. To obtain this, business managers must be able to evaluate the three elements of profit margins, which are gross profit margin, operating profit margin and net profit margin. As the cycle of financial management comes into play, the financial planning aspect of the business is as paramount in the