Medical Practice Operations - Business Fundamentals 101 - 8 Module Webinar Series with Book-255193

Video Transcription

Video Summary

The video is part of an educational series on medical practice management, specifically focusing on the revenue cycle in Module 3. The speaker, associated with the accounting firm WIFLI, emphasizes the importance of understanding the revenue cycle to ensure efficient healthcare operations. They explain that the revenue cycle is integral to cash flow within clinics and is not just about billing but includes eligibility checks, coding, documentation, claims submission, and follow-up care. The module discusses the critical steps in managing revenue cycles, such as ensuring eligibility checks, handling co-pays, and managing claims and denials. The speaker outlines the negotiation of fee schedules, the necessity of understanding the patient mix to anticipate revenue, and highlights the use of benchmarks like WorkRVUs and days in accounts receivable for evaluating financial health. The module stresses the importance of having updated policies and procedures to manage revenue cycles effectively, considering the financial responsibility that comes with patient care. In conclusion, the session underlines the integration of clinic operations and revenue cycle processes in maintaining financial sustainability.

Keywords

medical practice management

revenue cycle

healthcare operations

claims submission

WorkRVUs

patient care

financial sustainability

WIFLI