Final answer:
The revenue cycle refers to the administrative and clinical functions necessary to ensure financial health in a medical practice by managing the flow of money. The correct answer is option B.
Step-by-step explanation:
The definition of the revenue cycle is 'B' - all administrative and clinical functions which ensure that sufficient monies flow into the practice to pay bills. This cycle encompasses a variety of processes including patient scheduling, insurance verification, the treatment and management of claims, the processing of payments from insurance companies, and patient payments for services rendered. The purpose of the revenue cycle is to effectively manage the financial aspects of a healthcare facility, ensuring operational sustainability while providing quality patient care.
Discussing revenue, in the context of the United States government, revenue is defined as the income earned, especially by companies or organizations of a substantial nature. For the fiscal year 2017, it is noted that the federal, state, and local levels of government will collect nearly $6 trillion in revenues. There has been an exponential growth in revenues since World War II, showing more than an 800 percent increase after adjusting for inflation and population.