HCAD 640 UMDC White Paper on The Basic Steps of The Revenue

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View attached explanation and answer. Let me know if you have any questions.1White Paper on the Basic Steps of the Revenue CycleYour nameYour institutionHCAD 640: Financial Management for Healthcare OrganizationsProfessor’s nameDate2Table of ContentsIntroduction ………………………………………………………………………………………………………………………………. 3Methodology ……………………………………………………………………………………………………………………………… 3Key Findings ……………………………………………………………………………………………………………………………… 31.Key Finding #1: Step 1- Payer Contracting………………………………………………………………………. 32.Key Finding #2: Step 2- Appointment Scheduling …………………………………………………………….. 43.Key Finding #3: Step 3- Preregistration …………………………………………………………………………… 44.Key Finding #4: Step 4- Registration ……………………………………………………………………………….. 45.Key Finding #5: Step 5- Charge Capture/Coding ……………………………………………………………… 46.Key Finding #6: Step 6- Insurance/Patient Billing…………………………………………………………….. 57.Key Finding #7: Step 7- Accounts Receivable Follow-Up ………………………………………………….. 58.Key Finding #8: Step 8: Benchmarking ……………………………………………………………………………. 59.Visual Data …………………………………………………………………………………………………………………….. 6Conclusion ………………………………………………………………………………………………………………………………… 61.Key Takeaway #1 ……………………………………………………………………………………………………………. 62.Key Takeaway #2 ……………………………………………………………………………………………………………. 63.Key Takeaway #3 ……………………………………………………………………………………………………………. 7References …………………………………………………………………………………………………………………………………. 83IntroductionThe reimbursement processes applied in the healthcare sector is affected by variousfactors such as trends and changes taking place in the industry over the last 5 to 10 years. Thegovernment’s emphasis and focus on healthcare fraud, abuse, and compliance have heightenedthe importance of accurate billing in healthcare (Crocker, 2006). For this reason, differenthealthcare institutions are striving to improve their medical revenue processes. With the absenceof a good base to build an institution’s revenue cycle processes, medical processes may fail toachieve optimum functioning of the revenue processes (Crocker, 2006). An adequate base orfoundation includes common sense and the appropriate tools for medical practice. Additionally,the organization of frequent training and development programs for employees to help themunderstand the importance and functioning of the revenue cycle will help reduce challengesassociated with this new development (Crocker, 2006). Revenue Cycle Management (RCM) isthe process through which revenue is collected and claims are traced in the healthcare sector(Mat…

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