"Inflows and Revenue Management" Please respond to the following:

• Determine a key difference between a fee-for-service plan and an episode of care payment plan, and indicate the plan that you believe to be most advantageous for the majority of patients. Provide support for your rationale.
• *Fromthescenario,determineone(1)keyfactorthathasanegativeimpactonrevenue.Recommendarevenuestrategyfortheorganizationinthescenariotoimproveits
• revenuecyclemanagement.Providesupportforyourrecommendation.
• do'tsenttomethisanswersseeatt

i need a paragraph for each answer

Determine a key difference between a fee-for-service plan and an episode of care payment plan, and indicate the plan that you believe to be most advantageous for the majority of patients. Provide support for your rationale. * From the scenario, determine one (1) key factor that has a negative impact on revenue. Recommend a revenue strategy for the organization in the scenario to improve its revenue cycle management. Provide support for your recommendation. The key difference between a fee-for-service plan and an episode of care payment plan is the manner in which the patient pays for services and the options that are available for receipt of care. Fee for service reimburse physicians separately for each service or test that they provide based on the usual and customary charges of physicians in the local area. Physicians that are paid on a fee-for-service (FFS) basis have no financial risk for the care they provide or the patients that they see, so patients with chronic illnesses or needs for specialist care or special services should have little problem getting the care they require. Episode based payments covers all the care a patient receives in the course of treatment for a specific illness, condition or medical event. In reviewing the scenario, one key factor that was a negative impact on revenue was administrative errors in coding. Miscoding items can cause revenue reduction. I would recommend checking and then re-check the diagnosis and prodedure codes. Using the wrong diagnosis or procedure codes can be a big issue and cause claims to reject and not get paid. Also make sure office staff is properly trained in the coding process and provide ongoing training a purchasing and keeping new editions of coding books. But being proactive can avoid much more costly errors in the future. http://www.ncsl.org/research/health/episode-of-care-payments-health.aspx http://www.m-scribe.com/blog/bid/291707/5-Tips-to-Help-Your-Practice-Avoid-Medical-BillingErrors Determine a key difference between a fee-for-service plan and an episode of care payment plan, and indicate the plan that you believe to be most advantageous for the majority of patients. Provide support for your rationale. Fee-for-service is a payment where providers are paid separately for each service provided where as an episode of care payment covers all the care a patient receives during the course of a treatment for specific illness, condition or medical event. Fee-for-service systems includes: a) payment to the hospital for room and board, nursing services, prescription drugs, other supplies and equipment and all diagnostic and therapeutic services during the hospital stay. b) separate payments for the services provided by the physicians who cared for the patient during the stay. c) a daily payment amount to the nursing faculty to cover room and board, nursing services, prescription drugs and rehabilitation services during the stay. d) payments to ambulance company for transportation. e) payments to the home health agency for visits to the home after the patients returned home. f) payment for pain reliever after the patient returns home. In contrast to fee-for-service plan, episode of care payment is a single payment for all the services needed (bundle claim) by a patient for a particular treatment or procedure and thereby reduce duplication or other unnecessary services. The plan that is believed to be most advantageous for the majority of payments is the episode of care payment. The reason for this decision is based on the fact that fee-for-service plan provide incentives for physicians to provide more treatments because payment is dependent on the quantity of care, rather than on quality of care. Episode of care reduces the incentives to overuse unnecessary services and gives health care providers the flexibility to decide that services should be delivered rather than being constrained by fee codes and amount. This method of payment would ensure that the majority of patient receives quality care needed rather than focusing on the quantity of care provided. * From the scenario, determine one (1) key factor that has a negative impact on revenue. Recommend a revenue strategy for the organization in the scenario to improve its revenue cycle management. Provide support for your recommendation. One key factor that has a negative impact on revenue is the bundle of payment or bundle claims of the Medicare payments. The problem was centered around how Medicare payments were claimed and how they were coded. This all led back to the administrative coding errors. Medicare was not billed for procedures done by their patients, which resulted in the company operating at a loss. The revenue strategy for the organization in this scenario could use technology that can facilitate payer and patient payment in order to improve its revenue cycle management. Revenue can be optimized through the use of technology that can streamlines critical payer and patient payment processes. For example, a technological system that can offer automated insurance eligibility verification, claims scrubbing based on the Centers for Medicare and Medicaid Services' National Correct Coding Initiative, automated claims submission and the ability to handle denials management. At the same time, this effective tool should support patient estimates and enable well-informed conversations with patients about their financial responsibility. It should also tie in with the patient portal to make it easier for patients to make payments and reduce the expense of paper-based collections. When patients can use the portal to send and receive both clinical and financial information prescription refills, test results, patient statements and payment, for example it can greatly improve patient engagement and satisfaction while also reducing the cost of care delivery