With new, transformative technological advancements on the rise, it's no surprise that nearly every industry is feeling the impact of the digital age. From a healthcare provider's perspective, new resources can be used to revamp the current revenue cycle management processes you have in place. To reap the benefits of an optimized approach, you must be willing to take advantage of such emerging technological tools and resources, as stated by Chad Sandefur, Director and Healthcare Analyst at AArete.
"Generally speaking, in order to strengthen the revenue cycle management, embracing technology within the revenue cycle is key," Sandefur shared with RevCycleIntelligence.com. "Having the platforms to seamlessly facilitate provider-payer interactions are really integral. In many cases, it's mostly about bad debt avoidance. With that in mind, there are a few specific points."
Let's take a closer look at the benefits of utilizing technology, plus some of the emerging resources your facility can use to revamp your current RCM processes:
The benefits of an optimized approach
By paying attention to the new digital advancements that can benefit your RCM, you can ultimately impact the workflow of your staff members while better streamlining services for consumers. Here are some of the advantages of an optimized approach:
- Reduced chance for human error – Human error is inevitable when handling large amounts of data. Management software can be used to keep track of patient data input and maintenance.
- Better opportunity for precise, automated data entry – Between appointment scheduling, data input and claims submission, employees have a lot of duties. Automated software can take care of some of these responsibilities, allowing staff members to better focus on a single task at a time.
- Increased cash flow – Claims management technology can expedite claims quickly and produce clean, accurate claims, ultimately increasing cash flow, as stated by Becker's Hospital Review.
Optimizing your RCM approach can lead directly to a significant return on investment and improve the overall reputation of your billing department.
How technological resources can impact your RCM
With the right tools and resources in place, you can elevate your revenue cycle management processes to another level. Here are some of the ways you can utilize technology to create clean claims and produce faster solutions in your health system:
- Introduce alternative forms of payment: Technology provides new ways to offer patients different methods of payment, which can ultimately reduce denials and create clean claims. Modern Medicine Network recommended utilizing technology that lets patients pay via electronic bank payment, health savings account, credit card, cash or check, as well as in person, online or over the phone. Introducing multiple forms of payment can encourage patients to pay balances on time.
- Consolidate your systems: An advanced digital platform allows the hospital financial department to track patient care, registration, appointment scheduling, payment balance and more by consolidating all tasks into one system.
- Reach out to patients in advance: By utilizing a digital communications system, you can reach out to patients in advance and collect important information in a timely manner. With permission to send appointment reminder text notifications and patient questionnaires via email, you can collect the most accurate data and reduce denials later on.
- Eliminate manual data entry: Automation software ensures that the correct data is loaded into the system, reducing errors and speeding up the approval process.
Financial departments must take advantage of healthcare apps, analytics reporting tools, automation services and other emerging technology to stay at the forefront of the industry. This will improve revenue cycle management processes and produce a positive outcome for the hospital's bottom line.