Your Absolute Guide to Revenue Cycle Management Software
There are a number of challenges when it comes to hospitals and other healthcare facilities and one of them include revenue cycle management. When it comes to revenue cycle management, particular technology must be used in order for certain issues to be addressed and claims to be regularly tracked down. Claims being denied are no longer something new across industries and most have already gotten used to them. A lot of effort is being done by the healthcare industry to make sure that the negative impact brought about by claim denials is decreased; however, they are still making that much of an impact. Even if there a lot of changes being done in the CMS for ICD-10 claims to be processed, there are still a number of analysts that think that there will still be an increase in claim denials under the ICD-10.
Nonetheless, recent research has found that when it comes to these claim denials, 90% are preventable while more or less 60% are recoverable. If you go to healthcare facilities, what they can do to reduce claim denials is to make sure to follow best practice guidelines that will promote driving down everyday denials, changing an unreliable revenue cycle, and reducing back-office backlogs. They must also set up systems that will ensure that claims are coded meticulously and correctly, make sure that co-payments are collected, and ensure proper determining of patient insurance status. Here are some things that will help you reduce the chances of getting claim denials.
Ensure to utilize technology as well as automation
If you are just manually processing following up denied and rejected claims, not only will you be wasting employee time but also slowing down your cash flow income. Healthcare facilities must make sure to make sue of automation and technology so that they can properly follow up claim denials. A good example would be using revenue cycle management software. When it comes to manual processing of individual claim denials, each employee may have to spend an average of 50 minutes each. Not only will this be wasting the precious time of your staff but also this is just not that necessary. With the help of automation, all processes done manually will be eliminated, and when you use current technological advancements, make sure that the are focused in improving your workflow. Indeed, there is no denying that if you have the right automation and technology for your healthcare facility, then you can save more money by reducing research time, bringing down the time spent on reworking claims and interacting with insurers, and cutting down on paper work costs.
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Thus, if you want your healthcare facility to be working its best with help of automation and technology, make sure to consider getting revenue cycle management software.Why Solutions Aren’t As Bad As You Think