I’m studying for my Health & Medical class and need an explanation.
Besides a clinic’s Electronic Health Record (E.H.R.) software program, there is also a practice management system (PMS) software. This is where the revenue cycle begins, from scheduling and registration to billing and collections. The E.H.R. and PMS software programs are integrated into most practices. The two systems share a Master Patient Index (MPI), which allows them to patient demographics and scheduling data, including insurance eligibility, verification, and insurance authorization or pre-certification information.
- What are the key components of the revenue cycle? Explain the components in terms of both the E.H.R. and the PMS and how they both contribute to the Revenue Cycle?
- What are the primary financial statements for the medical practice, and how is each used? What are some of the ratios and benchmarks used in financial analysis for the medical practice?
