When it comes to healthcare, revenue services are required in a multitude of ways. The healthcare industry works with a variety of unique revenue solutions that allow a business to generate substantial bottom-line revenue without having to focus on all the requirements and regulations of medical malpractice and insurance coverage. As the healthcare industry grows, revenue services ensure that the industry remains financially stable while maintaining or enhancing its client base. In fact, revenue services are required to keep up with all of the changes and requirements that come with an ever-changing environment.
One of the most important revenue services is patient financial responsibility. This includes paying a premium to be part of a health plan. This policy establishes a contract between the patient and the healthcare provider that requires the healthcare provider to pay the premium based upon the agreed-upon amount of expenditure on medical services provided to the patient by them. It is in this revenue service that the revenue generated is dependent upon the number of revenue services are rendered by the health care provider. If a provider devotes more of their time to administrative tasks than providing medical care, there is a good chance that they will not be able to generate substantial bottom-line revenue and will ultimately suffer financially.
Another revenue service is the practice of managed care. The concept behind this revenue creation process is that a health plan created by a patient pays for the services that he or she receives from their health provider. These services include extended hospital stays, physician visits, prescription medication, and medical devices such as hearing aids. Providers agree to reimburse the patient for their extended hospital stay, their physician visits, and the prescription medication that they receive from their physician. In order to be included in the practice of managed care, providers must have an approved group policy that authorizes the practice of patient financial responsibility.
Another revenue solution that is required by the healthcare industry is professional liability insurance. This policy establishes a contract between a healthcare provider and a client that protects the provider from a potential claim from a patient for an injury or illness that occurred while the patient was being treated by the provider. These claims can occur anywhere in the world, but healthcare providers must establish a “safe harbor” perimeter around their facility. Once this boundary has been established, providers must carry proper liability insurance to protect their business.
Healthcare providers can also develop a revenue service through their membership organizations. This revenue service is usually very affordable and can be implemented without much difficulty. A revenue service typically includes an annual fee that is paid by the membership to the association that oversees the organization’s activities. This fee collects a percentage of member registration fees that are paid each year. Revenue from the membership fees is used to fund various community programs, such as immunizations, patient education programs, cancer research and treatment, and much more.
Finally, another revenue solution that is available to healthcare providers is the opportunity to develop capillary fees. This revenue service Dominion Revenue Solutions allows providers to charge individuals who visit their facility a fee for a specific number of laboratory tests. The tests may include cholesterol and blood tests, stool samples, X-rays, MRIs, blood chemistry tests, and other relevant tests. The fee is determined by the specific needs of the patient and can either be fixed or flexible depending on the needs of the medical facility.