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:
Expand on revenue cycle management by listing the steps involved in the process and the purpose of utilizing this type of management system.
Once you have covered these steps, analyze the revenue cycle process and the various reimbursement methodologies by describing the importance of maintaining and reporting financial information for health care providers and facilities.