Revenue Cycle Management

Accounts Receivable

Accounts Receivable refers to the amount owed to a healthcare organization by its patients for services rendered. It represents a promise to pay in the future and is a right to collect payment for the healthcare provider. In financial accounting, Accounts Receivable is classified as a current asset in the balance sheet and is typically abbreviated as A/R.

In the medical industry, Accounts Receivable management is crucial to ensure timely and accurate payment collection. A prompt follow-up and proper record-keeping of patient invoices can help healthcare providers in maintaining a healthy cash flow and reducing the risk of bad debt. Effective Accounts Receivable management helps healthcare organizations in improving their financial stability and overall profitability.

Payment Posting

The process of assigning received payments to the corresponding claims and reconciling the remaining balances is referred to as payment posting in medical billing. Accurate payment posting ensures accurate patient statements and reduces the risk of errors and disputes. It also provides valuable insights into the financial health of accounts receivable.

The payment posting process may include the use of various payment methods such as patient credit cards, checks, and cash deposits, as well as insurance payments through electronic funds transfer (EFT), electronic remittance advice (ERA), and explanation of benefits (EOB). It may also include credit card payments, adjustments to offset balances, and reversals or recoupments.

Medical Coding/Billing

Clinical coding, also known as medical coding, involves analyzing medical statements and assigning appropriate codes. This information is utilized by health insurance companies to process claims and help in the billing process at hospitals.

The codes collected through clinical coding are also used by government, private healthcare organizations, and international agencies for research and disease management initiatives. The data helps in analyzing health patterns and statistics on a regional and national level for disease tracking and management.

Medical Transcriptions

Medical transcription, commonly referred to as MT, involves transcribing recorded voice reports made by healthcare professionals, such as physicians, into a digital text format. This process is critical in creating a comprehensive medical history of patients.

The information obtained through medical transcription helps in the efficient evaluation of a patient’s physical condition, facilitating the development of an appropriate treatment plan. The conversion of voice files to text enables a more streamlined and organized approach to patient care.