The Words Within the Revenue Cycle

We’re feeling like the image sometimes, there are so many keywords and phrases involved in the revenue cycle process. We feel we shouldn’t have to guess at these meanings and words, so we put together a quick glossary of key terms:

Charge Capture: Turning the medical services into billable charges

Claim Submission: Sending medical claims, or the billable fees, to the insurance company, or payer.

Coding: When diagnoses and procedures are turned into proper coding for submission.

Patient Collections: Calculating and collecting patient payments.

Preregistration: The collection of registration information, insurance coverage, and demographic information prior to in-patient or out-patient procedures being delivered.

Registration: Confirm patient information to establish the medical record number, and meet regulatory and financial requirements.

Remittance Processing: Application or rejection of payments.

Third-Party Follow Up: The collection of payments from insurers and re-insurers.

Utilization Review: Finalizing and deciding on the necessity of medical services.

There’s more to know about the revenue cycle process, and lucky for our clients, the Gables Medical Billing team handles all claims submissions, follow-ups, appeals, and payment posting with the highest degree of dedication and professionalism.