Summary 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 servi

Healthcare Finance HIP1 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 patiens 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 veri