Your Absolute Guide to Revenue Cycle Management Software
In terms of hospitals, there are several challenges that they have to face with the likes of revenue cycle management. If you make mention of revenue cycle management, what this entails is making use of particular technology so that issues are addressed and claims are tracked down. Claims being denied are no longer something new across industries and most have already gotten used to them. The healthcare industry is doing the best they can to reduce the impact upon claim denials; however, up until today, what they are doing is not enough. Though there have been recent changes in the CMS when it comes to processing ICD-10 claims, analysts still think that under ICD-10, there will still be increasing claim denials.
Even so, there are research studies being conducted that prove that 90% of claim denials are preventable while 60% of claim denials are just 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. It is a must that these facilities must also have systems that allow claims to be coded meticulously and correctly, proper determining of patient insurance status, and co-payments to be properly collected. The following are some practical tips to ensuring that claim denials are avoided.
Make sure to use technology and automation
When it comes to processing denied and rejected claims, it is not wise that you manually use paper work because this can waste your employee time as well as your incoming cash flow. In order for claim denials to be properly followed up, it is a must that healthcare facilities be able to make use of technology and automation. A good example would be using revenue cycle management software. If you talk about manual processing of every single claim denials, the average employee may have to spend more or less 50 minutes. All these things are not just wasting the time of your employees but also they are that unnecessary. With the aid of automation, doing manual processing is already gone and technology will make sure that it will be able to help out the workflow of your health facility and more. Indeed, getting the best options for automation and technology in healthcare facilities can save most of their money per year by bringing down the time spent on reworking claims and interacting with insurers, reducing research time, and cutting down on paper work costs.
Indeed, if you have revenue cycle management software for your healthcare facility, you will not have a hard time anymore following up on claim denials and all other workflow essentials of your very own healthcare facility.
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