A) Medical Billing is a process using which the healthcare service providers collect payment for the services they provide from insurance providers on behalf of the patients. There are multiple processes like collecting insurance claim details from the patient, submitting claims, following up, and collecting payment.
According to the Healthcare Financial Management Association (HFMA), Revenue Cycle Management includes all administrative & clinical operations that contribute to the capture, management, and collection of patient service revenue. RCM is a financial process in which healthcare providers use software and other services to track patient care events from registration & appointment scheduling to the final payment of a balance.
Health Insurance Portability and Accountability Act (HIPAA) is a law that sets the standard for sensitive patient data protection. It ensures that companies that handle Protected Health Information (PHI) have physical, network, and process security measures in place. Anyone providing treatment, payment and operations related to healthcare and business associates with access to patient information and support providers for treatment, payment, or operations must meet HIPAA compliance.