HSA 6930 Practice Management

HSA 6930 and 4511- Medical Practice ManagementYou are the newly hired Administrator of FAU Medical Group Practice. LLC. The practice has
ten (10) providers and receives approximately 52,000 visits annually. Please note that 95% of its
business is on a Fee-For-Service basis, and 4% is on capitation. At the most recent board retreat,
three members of the Board noted that revenue is decreasing while volume has increased by 10%
over the previous year.
The chair requested a presentation on the process of ‘Medical Billing” and he also wants you to
indicate your recommendations to rectify the current situation. Case in point, the practice account
receivables are growing due to the slow pace of collections, which have been suboptimal for Q1, Q2,
and Q3. In addition, the payor’s denial rate is increasing alarmingly; it takes an average of 55 days
to get reimbursed, while other medical practices in the region’s average collection rate is between
30 to 40 days. For your presentation, you need to
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Define Revenue Cycle Management (RCM) and explain its importance in medical practices.
Discuss the overall goals of RCM and how it impacts the financial health of healthcare
organizations.
Describe the main components of the revenue cycle, including:
Appointment scheduling
Patient Registration
Charge capture
Medical coding and billing
Claims submission
Payment posting
Denial management
Accounts receivable follow-up
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Explain the role of each component in ensuring accurate and timely revenue collection.
Identify and discuss common challenges faced by medical practices in managing their
revenue cycle, such as:
Insurance claim denials
Delays in payment
Patient financial responsibility
Propose strategies to optimize the revenue cycle, including:
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Implementing advanced RCM technology and analytics
Enhancing staff training and education
Streamlining billing and coding processes
Improving patient payment processes
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Discuss how these strategies can help improve financial performance and patient
satisfaction.
The assignment should be at least four pages. Use Times New Roman, 12-point font, and doublespacing.
Submit the assignment as a Word document or PDF through Canvas
Include a cover page with your name, course title, and submission date.
https://www.nextgen.com/-/media/dam/collateral/ebooks/fm_072420_practicemanagementguide_ebook.pdf
As part of your research
1. PS: I suggest you visit the website listed above to get you started
A SIMPLE GUIDE PRACTICE MANAGEMENT and MEDICAL BILLING
2. Review chapter 6 of the required textbook for this course