In this whitepaper, we will discuss how medical coding extracts important information from medical reports and assign the right diagnosis and procedure codes that payers can understand thereby eliminating errors and reducing costs.
Revenue cycle management (RCM) is the process of managing administrative and clinical functions related to claim processing, payment, and revenue generation. This process basically starts when a patient makes an appointment to seek medical service and ends when all the claims and patient payments are collected by the organization. Medical claim processing is the basis for any health insurance provider since it is the stage when the insurance business begins to process medical data, preparing to deliver on its agreement with and commitment to customers by reviewing, approving, and paying out on claims.
Even though the U.S. spends an average of $12,530 per capita on healthcare and much of that money goes into health insurance, the fact is that, among all the areas where technology is considered in healthcare, the claim process is still manual, prone to error, and inefficient.
