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Nov 24, 2024
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Uploaded by ElderWombatPerson926
Dawn,
Thank you so much for the opportunity to read and respond to your post. You did a
fantastic job of breaking down Revenue Cycle Management and its impact on the health
care organization. I would love to further discuss.
Jewell (2019) emphasizes that revenue cycle management is an enormous responsibility
for any medical practice and requires day-to-day awareness to attain maximum revenue
and compliance. The revenue cycle is a complex process that requires collaboration across
several areas within a healthcare organization / medical practice (Jewell, 2019). Having
consistent, efficient procedures are vital for the organization to achieve ongoing fiscal
stability (Jewell, 2019). Revenue cycle management is the process in which health care
organizations and systems bill for services and generate revenue – from the patient’s first
appointment all the way through to the payor’s acceptance of final payment. Manley &
Satiani (2009) explain the components of the revenue cycle: payer contracting,
appointment scheduling, preregistration, registration process, coding and capturing
charges, proper billing of patients and insures, follow-up of accounts receivable, and finally
using appropriate benchmarking. For a business or a service organization to survive,
converting services performed to the revenue required to meet expenses is a basic
requirement (Manley & Santiani, 2009). Receiving payments on time is also a basic
requirement for businesses such as medical practices and hospitals to survive.
The revenue cycle is a major focal point in maintaining the financial viability of a healthcare
organization or medical practice and coding professionals play a huge role in the revenue
management process (Dhakal, 2014). The accuracy and consistency in the final coding of
discharged inpatient medical records helps create a clear picture of the clinical conditions
of patient's and the services provided to that patient by the facility, which in turn provides
proper reimbursement for the services provided.
well as determining if each of the diagnosis
listed was present at the time of admission (Dhakal, 2014
). Hospitals that are paid under the
Medicare inpatient prospective payment system are required to submit this information in
their final coding abstracts (Dhakal, 2014). This is important for several reasons. For
example, if a patient acquired an infection while in the hospital and was not present on
admission, no payment will be made to the facility (Dhakal, 2014). The accuracy of present
on admission indicator is extremely important as it directly reflects upon the quality of care
provided by the hospital (Dhakal, 2014).
Biblical Integration
Integrating a Bible verse into a discussion of the revenue management cycle in healthcare
can add a spiritual and ethical dimension to the topic. One relevant verse that emphasizes
the importance of honesty and integrity in financial matters is Proverbs 11:1 which states
“a false balance in an abomination to the Lord, but just a weight in his delight” (NIV, 2020, p.
244). This Bible verse emphasizes the need for fairness, transparency, and ethical conduct
when managing financial aspects of healthcare organizations. Proverbs 11:1 reminds us
that maintaining financial integrity is of utmost importance. Just as a false balance is
considered an abomination to the Lord, dishonesty or unethical practices in revenue
management can have severe consequences. Healthcare organizations must strive to
maintain a just and transparent financial approach throughout the revenue cycle, ensuring
that all financial transactions are conducted with honesty and fairness.
Resources
Barker, K. L. (2020).
Niv study bible
. Zondervan.
Dhakal, S. (2014).
Coding Errors, Its Impact, and Solution
.
Jewell, B. (2019). Revenue Cycle Management. In
The Business Basics of Building and
Managing a Healthcare Practice
(pp. 19–29). essay, Springer Cham.
Manley, R., & Santiani, B. (2009). Revenue Cycle Management.
Journal of Vascular Surgery
,
50
(5), 1232–1238.
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