Advanced Approach to Revenue Cycle Management can Help Healthcare Providers Sleep Better
In a scenario where the number of patients is increasing at a rapid pace, policies and regulations; don’t take much time to change. And one of the most critical aspects here is getting timely and full payments of your medical bills. It is said that doing and saying the right things at the right time makes the difference between bad-debt write offs and 100% reimbursement of claims. Having said so, are you sure that only the right information is captured? And that’s what steals the sleep of medical service providers. In such a scenario, revenue cycle management software helps in capturing the right information and streamlining the workflow. As the demand for quality medical service is increasing at a rapid pace, so are the financial challenges for healthcare service providers. According to American Hospital Association, medical service providers lose almost $60 billion every year due to registration errors only. Quality of information that enters the revenue cycle management system is itself one of the most important factors in determining whether the claim will be paid or denied. Complex registration process and handling bulk amount of patient and insurance information further worsens the scenario, inducing more errors and ambiguities. This leads to increased days of account receivable, reduced cash flow, wasteful rework, and lost revenue. Better Patient Admission Process – The Key to Improved Revenue Cycle Management There are several factors that play a major role in inefficient healthcare revenue cycle management. This includes uninsured patients, inefficient administrative process, and regulatory pressures. Therefore, it becomes more important than ever to integrate better patient admission processes into the system to capture the right information regarding registration and insurance. It is also important to train the medical staff regarding how to interact with customers both at front end and back office to build strong relationship and provide a pleasant experience to the patients to motivate them to provide complete and accurate information. Advanced software facilitating medical revenue cycle management plays an integral role in monitoring patient information comprehensively, interpreting the same in relation to processes and standards, eliminating data consistency and quality problems, and providing focused or automated guidance throughout all stages of revenue cycle. Such a technology system ensures that only the right questions are asked regarding each patient, insurance, and medical records, and hospital regulations are consistently followed to ensure that all information fed into the system is appropriate and accurate. When right information is provided in medical billing software, it helps in creating appropriate claims that do not get rejected or underpaid in any circumstance. Benefits of Revenue Cycle Management Software The key benefits of revenue cycle solutions on medical billing and overall business efficiency are underlined below: Cost Reduction Few errors minimizes the cost of rework Reduces the risk of medicare non-compliance Improving Flow of Revenues Faster and efficient claim payments Lesser time in accounts receivable
Less denied and underpaid claims Patient satisfaction Fewer billing errors and prompt registration leads to improved patient satisfaction Improved Morale and Productivity Increased job satisfaction Improved competence Increased productivity and morale