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Revenue Cycle Management. Synopsis - Integrated solution for Revenue Cycle
Management and Medical Records Overview Physician practices ...
... Data regarding the revenue cycle is generated from different accounting systems ... to
issue an “internal control report” that states management is responsible ...
... management system, laboratory management system and radiology management system. ...
The integration of clinical processes with the revenue cycle is becoming a ...
... Perot Systems has a team of more than 800 revenue cycle management experts to design
solutions that will help manage and control administrative costs. ...
... information system- tailored to the strategic information needs of top management. ...
group activities into 4 common cycles: 1. Revenue cycle- events related to ...
Submitted by abhibaner on July 13, 2005
Category: Technology
Words: 680 | Pages: 3
Views: 491
Popularity Rank: 13,217
Average Member Grade: N/A (Add a Comment / Grade this Paper)
Synopsis - Integrated solution for Revenue Cycle Management and Medical Records
Overview
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...
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