Question

Updating accounts receivable is part of which transaction cycle?

Answer 1

Updating accounts receivable is part of revenue cycle.

The procedure used by healthcare systems in the United States and around the world to track patient income, from their initial appointment or encounter with the healthcare system to their final payment of debt, is known as revenue cycle management (RCM). It is a typical component of healthcare management.

What is revenue cycle?

• The phrase "all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue" can be used to describe the revenue cycle.
• It is a cycle that explains and illustrates a patient's life cycle (and the ensuing income and payments) during a typical medical interaction, from admission (registration) through final payment (or adjustment off of accounts receivables).
• After a patient makes an appointment, the revenue cycle starts, and it ends when the healthcare provider has taken all of the payments. Errors in revenue cycle management may result in payments to the healthcare provider being delayed or nonexistent altogether.
• Healthcare providers can outsource their revenue cycle management to businesses that handle this complex process with specialized agents and proprietary technologies to manage healthcare provider revenue cycles because the revenue cycle process is complex and subject to regulatory supervision.

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