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HIP TASK ONE.docx C811 HIP TASK ONE Financial Resource Management â€“ C811 Western Go

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HIP TASK ONE.docx C811 HIP TASK ONE Financial Resource Management â€“ C811 Western Governors University A. There are six steps in the revenue cycle: provider services, document services, establish charges, prepare ...

HIP TASK ONE.docx C811 HIP TASK ONE Financial Resource Management â€“ C811 Western Governors University A. There are six steps in the revenue cycle: provider services, document services, establish charges, prepare claim/bill, submit claim, and receive payment. First step is provider services, this is when the services for the patient are provided. The medical record is formed while the services are being performed, as information is being collected from different departments and areas throughout the facility. Second, document services, here is where all information that has been gathered becomes critical. In 1996, HIPAA proposed the requirement of two coding methods to be used for all payors. These coding methods are referred to as ICD-10-CM CPT/HCPCS codes. ICD-10-CM is diagnosis coding where CPT/HCPCS is procedure coding. Both are required for the professional and facility side. This varies based on if it is an inpatient or outpatient event or whether diagnosis or procedure all affects the final reimbursement. Third, establishing charges, this is where the charge master (CDM) comes into play. For every service there is a unique cost. The CDM take key information that is required for the claim as well as the patient medical record and determines charges that will be placed on the claim. Vital information needed in the CDM include a number unique to a specific charge, revenue cost, dollar value for the service, assigned department number, and the HCPCS/CPT code (If applicable). Fourth,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .

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