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Revenue cycle management is the process by which health care facilities and providers ensure their financial viability by increasing revenue, improving cash flow, and enhancing the patient experience. Part of this cycle is the chargemaster or charge description master (CDM), which plays a vital role in tracking and efficiently billing patient services and procedures.
For this assignment, you will be reviewing revenue cycle management and the various reimbursement methodologies that may affect the facility's or the provider's bottom line. Complete the following:
Objective:
Describe the importance of financial information and financial reporting in the healthcare organizations.
Describe the revenue cycle, the chargemaster and various reimbursement methods.
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