Describe each basic step of the insurance claim life cycle? 18 steps

Answer : The each basic step of the insurance claim life cycle is given as follow;

1. Patient appointment and preregistration

2. Insurance information  

3. HIPPA Notice of Privacy

4. Insurance ID card photocopied

5. Patient's signature requirements

6. Assignments of benefits

7. Patient's financial account

8. Medical services performed and encounter form completed

9. Pateint's financial data posted and patient checkout

10. Insurance claims preparation

11. CMS-1500(02-12) paper claim form submitted

12. Electronic (HIPPAX12837) claims transmitted

13. Provider's signature

14. Track pending insurance claims

15. Payer processing/payment received

16. Bank deposit made and unclaimed followed up

17. Balance due statement mailed to patient

18. Full payment received and financial records retained