What are the four distinct steps of the revenue cycle?

The revenue cycle in healthcare is a series of steps that healthcare organizations follow to generate revenue. The four distinct steps of the revenue cycle are:

1. Patient registration: This is the first step in the revenue cycle, where patients are registered into the healthcare system. This step involves collecting demographic and insurance information from the patient, verifying insurance eligibility, and obtaining necessary authorizations for services.
2. Charge capture: The second step involves capturing charges for services provided to the patient. This step includes accurately documenting the services provided and associated charges, such as laboratory tests, diagnostic imaging, medications, and procedures.
3. Claims submission: Once charges are captured, the next step is to submit claims to the appropriate payer, such as an insurance company or government program. This step involves verifying that the claim information is accurate and complete, and that it meets the payer’s requirements.
4. Payment processing: The final step in the revenue cycle involves processing payments for the services provided. This step includes posting payments to patient accounts, managing denials and appeals, and reconciling accounts receivable.

Overall, the revenue cycle is critical to the financial success of healthcare organizations, and each step must be executed accurately and efficiently to ensure that services are reimbursed and revenue is generated.