Certified Revenue Cycle Representative (CRCR) Practice Exam

What does 'point-of-service receipts' refer to in patient access?

1. Payments made at the time services are rendered

2. Invoicing patients after service

3. Payment verification through insurance

4. Accounting for deferred billing processes

The correct answer is: Payments made at the time services are rendered

'Point-of-service receipts' refers to the payments that are made at the time services are rendered. This terminology is used in healthcare to emphasize the importance of collecting payments upfront when patients receive care, rather than waiting to invoice them later. By collecting payments at the point of service, healthcare providers can improve their cash flow and reduce the number of unpaid bills, as patients are less likely to default on payments when they are required to settle their accounts immediately. This approach is increasingly emphasized in revenue cycle management as it helps in decreasing the overall cost of billing and collections. It also enhances patient satisfaction by providing transparency regarding costs. In contrast, the other options discuss elements of billing and payment processes that occur after services have been provided, which do not fall under the definition of 'point-of-service receipts.'