The revenue cycle for a medical practice is the process of collecting reimbursement for a provided service. Some of the common steps are:
- Development of a “retail” fee schedule and a financial policy (payment practices.)
- Negotiating and signing payer contracts to accept specific fee schedules for services.
- Providing services to patients and collecting patient-responsibility portions at the time of service.
- Posting charges for services rendered and billing payers (filing claims.)
- Receiving payments from payers; appealing payments when not compliant with contracts.
- Sending statements to patients for any remaining portions due.
- Writing balances off the accounts receivable or sending patients to collection agencies/reporting agencies (credit bureaus) or pursuing legal action if patient payments are not made.