Revenue cycle management is defined by the Healthcare Financial Management Association (HFMA) as “All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” This term includes the patient account lifecycle from creation to close. The process flow in the revenue cycle, when performed correctly, performs predictably. When a step in the cycle is completed incorrectly or skipped altogether, it will impact the process and create a costlier recovery process. Respond to the following questions in your initial post: Describe and discuss the steps in the revenue cycle process and the capturing of data during these steps to create an optimal revenue recovery. Identify the person/role responsible for executing each of the revenue cycle management steps. Discuss two steps in the revenue cycle management process and the negative result which may occur when not completed correctly.
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