Final answer:
The billing process is essential in preparing and submitting charges to patients and third-party payers for healthcare services rendered, involving steps like charge capture, coding, and claims submission.
Step-by-step explanation:
The billing process involves all the functions required to prepare charges for submission to patients and third-party payers to obtain reimbursement.
The process includes the steps of charge capture, where services are rendered and respective charges are recorded; coding, where these services are assigned appropriate codes; charge entry, where the codes are used to create a claim; and claims submission, where the claim is sent to the payer.
There's also the follow-up phase that includes payment posting and managing denials or appeals if a claim is rejected. Efficient management of this process is essential for the financial health of healthcare practices.