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