What is the last step in the medical billing cycle?

The last step in the medical billing cycle is follow-up payments and collections. This phase is crucial as it involves ensuring that all payments from both patients and insurance companies have been properly received and accounted for. After a claim has been submitted and processed, the healthcare provider must monitor the payments to confirm that they match the billed amounts. Any discrepancies need to be addressed, which may involve additional follow-up with insurers or patients to retrieve outstanding balances.

Completing this final step is essential for maintaining the financial health of a medical practice. It ensures that all services rendered are compensated in accordance with agreements, improving revenue cycle management. The effectiveness of this final phase reflects on the overall efficiency of the medical billing process, emphasizing the importance of meticulous follow-up and collection strategies.