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RCM Masters Academy

WebMedical billing is a critical aspect of the healthcare industry, and it involves the process of submitting and following up on claims with health insurance companies to receive …

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URL: https://rcmmastersacademy.com/blog/what-is-the-purpose-of-a-remittance-advice-in-medical-billing

RCM Masters Academy

WebThe primary difference is that referral is a recommendation from one provider to another for specialized care, while prior authorization is a requirement from an insurance provider to …

Category:  Health Go Health

RCM Masters Academy

WebICD-10 codes, or International Classification of Diseases, Tenth Revision codes, are a system of alphanumeric codes used in medical billing to classify and code diseases, …

Category:  Medical Go Health

RCM Masters Academy

WebAnother important component of value-based care in medical billing is the use of electronic health records (EHRs). EHRs are digital records of patient health information that can …

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RCM Masters Academy

WebIn other words, pre-determination is a way for patients and healthcare providers to know in advance what they can expect in terms of insurance coverage and payment for a …

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RCM Masters Academy

WebSimply put, a credit balance is an amount of money that is owed to a patient or insurance company by a healthcare provider. This can happen when a provider receives payment …

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RCM Masters Academy

WebCapitation is used in managed care plans, such as health maintenance organizations (HMOs), where the goal is to keep costs down while providing quality care. Capitation …

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RCM Masters Academy

WebPatients should review their health insurance policy and ask questions if they are unsure about their patient responsibility. Healthcare providers should be transparent about …

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RCM Masters Academy

WebA bundled payment is a single payment made by a health insurance company or government program that covers all the services and supplies needed to treat a patient …

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RCM Masters Academy

WebCoordination of Benefits (COB) is a process used by health insurance companies to determine which insurance policy is responsible for paying for a patient's medical …

Category:  Medical Go Health

RCM Masters Academy

WebPatient collections play a significant role in the accounts receivable process for healthcare providers. When patients fail to pay their bills on time, it can have a significant impact on …

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RCM Masters Academy

WebHIPAA, the Health Insurance Portability and Accountability Act, was introduced in 1996 by the United States Congress to protect the privacy of individuals' medical records and …

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RCM Masters Academy

WebMedical billing can be a complex and confusing process for patients and healthcare providers alike.One aspect of medical billing that is often misunderstood is the copay. …

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RCM Masters Academy

WebA lifetime maximum is the maximum amount of money that your health insurance plan will pay out over the course of your lifetime. Once you reach this limit, your insurance …

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RCM Masters Academy

WebIn-network refers to healthcare providers, facilities, or pharmacies that have agreed to accept a specific insurance plan's negotiated rates and terms. In medical billing, in …

Category:  Medical Go Health

RCM Masters Academy

WebOne term that is commonly used in medical billing is “premium”. In the context of medical billing, a premium refers to an additional charge that is added to the cost of a medical …

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RCM Masters Academy

WebShort-term health insurance plans and some other types of coverage may still be able to exclude coverage for pre-existing conditions or charge higher premiums based on your …

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RCM Masters Academy

WebA self-insured plan is a type of health insurance plan in which an employer assumes the financial risk for providing health care benefits to its employees. Rather than paying …

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RCM Masters Academy

WebProvider's discretion: A medical provider may determine that a particular procedure or treatment is not necessary for the patient's health, even though it may be covered by the …

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RCM Masters Academy

WebThe Explanation of Benefits (EOB) is a document that explains the details of the health insurance benefits claim, which is issued by an insurance company.This document …

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RCM Masters Academy

WebA denial management team member must possess a unique set of skills to ensure that the organization's financial health is maintained. Strong communication skills, analytical …

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