American Military University Revenue Cycle Plan Discussion

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View attached explanation and answer. Let me know if you have any questions.1Revenue cycle managementAuthor:Course:Instructor:Due date:2The Revenue cycle managementIntroductionThe revenue cycle (TRC) refers to the financial aspects of a patient’s clinical contact. Therevenue cycle’s fundamentals are reinforced with payer contract management, customer service,and compliance. Patients begin their clinical experience once they are scheduled for service; thisinvolves gathering payer and demographic data. This information is then used to confirm thepatient’s identity and give a payment source. Before service, financial dialogues and expectationsare initiated through financial clearance. The patient’s clinical chart is started after registration; ifa physical interaction happens, compliance documents are checked and signed together with cashcollection. During patient clinical interaction, clinicians log services provided and equipment usedto facilitate bill code assignment and charge captures (National Rural Health Resource Center,2021)Hospitals are squeezed from two directions for getting money for services performed. Forstarters, hospitals are only getting a fraction of what they are owed due to decreased reimbursementrates. Second, increased deductibles shift payment obligations to consumers who may not pay,forcing hospitals to write off a greater number of unpaid invoices. Due to these continuous issues,it is crucial for hospitals to identify, monitor, and recover every dollar owed to them. With newertrends in the health industry, such as consumer-driven healthcare, real-time processing, andreimbursement structure changes, healthcare organizations are forced to have best practices tomanage the revenue cycle successfully.Clinical data required for payment and reimbursement systems3Reimbursement systems utilized in healthcare include fee-for-service FFS, salary, pay-forperformance (P4P), and diagnosis-based payment. The emergence of health informationtechnology has enabled the efficiency of these reimbursement mechanisms in paying differentamounts for the complexity, quality, and quantity of healthcare offered. In the FFS mechanism,individual care items are reimbursed retrospectively; however, unnecessary care may not beencouraged. This is differ…

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