Why is Revenue Cycle Management needed in medical care? While hospitals, small practices, and larger healthcare systems are known for saving lives and treating patients, every healthcare organization needs to develop successful processes and policies for staying financially healthy. That is where revenue cycle management comes in. By definition, revenue cycle management is the financial… Continue reading Why is Revenue Cycle Management Important in Healthcare?
Financial auditing is an important step in the healthcare industry because it helps to ensure that a healthcare organization is financially stable and compliant with regulations. In particular, auditors look for potential issues such as overspending, underfunding, and illegal activity. Healthcare or financial auditing claims and hospital operations will help the managers know which areas… Continue reading Why is Financial Auditing Important in Healthcare?
Payer management is crucial when we discuss medical billing. Payers are typically categorized in four ways: health plans, payers, insurers, and payviders. A common misconception is that these are all synonymous with each other, but they’re not exactly interchangeable terms. Health plans pay the cost of medical care, while the payer processes and pays provider… Continue reading Why is Payer Management Important in Healthcare?