Healthcare_Finance_HIP1_1.docx Healthcare Finance HIP1_1 In order for a healthcare facil

Healthcare_Finance_HIP1_1.docx  Healthcare Finance HIP1_1  In order for a healthcare facility to receive payment for medical services, there are several stages of the revenue cycle that must be completed.  The stages are providing services, document services, establish charges, prepare claim/bill, submit claim and receive payment.  Before the revenue cycle can begin, the registration staff collects information from the patient which includes demographic data and insurance information.  The patients identity must be verified, usually in the form of a valid photo identification card and insurance card.  Insurance verification involves multiple steps.  The registration staff must verify the patient has active insurance coverage.  Confirmation that the patient is a member of the plan, what services are covered, what amount the patient owes and whether an authorization is necessary are all very important. The insurance verification process also involves the preauthorization process, which is necessary for proper reimbursement.  The staff needs to also be familiar with financial counseling steps, point of service collection processes and medical necessity coverages to advise and assist patients with financial expectations.  Contract management also plays an important role as far as contracts terms are concerned.  This includes the negotiation of allowable costs/charges, services and supplies (Oachs, P. K. et al., 2016).  Next, medical services are provided to the patient and documented.  Documentation includes d