Revenue Cycle Management – Are You Ready to Automate?
- July 3, 2017
- Posted by: Admin
- Category: Revenue Cycle Management
As automation continues to penetrate the healthcare industry, more and more providers are searching for innovative technologies to transform their denial management processes.
According to a recent survey conducted by HIMSS Analytics, around one-third of healthcare providers have not yet moved away from manual revenue cycle management, which is quite a surprise.
However, providers, who know what it really means to make a transition from manual revenue cycle management process to an automated one similar to a Contract lifecycle management system and can see the future, have taken the leap and adopted automation technologies to make their denial management more efficient.
Key Benefits of Automation
If you plan your healthcare organization to remain profitable and have a winning edge well into the future, you should not avoid automating your denial management process anymore.
Here’s a quick look at the benefits you’ll receive:
- Improve the accuracy of information
- Make maintenance and retrieval of data more efficient
- Save time (and use the saved time to focus more on patient care)
- Automate the pre-audit process
- Submit claims to payers almost instantly
- Track the current status of claims anytime until submission
- Get more done in less time
- Reduce in-house costs
- Bring down the mounting accounts receivable
In order to improve your collection efforts, it is important that most common claim rejections are identified. Most importantly, the in-house staff needs to adhere to the latest changes in the coding guidelines. When done manually, coding is often fraught with errors.
Though an in-house team of coders thinks they have all the codes in mind, all of it boils down to submitting the appropriate codes and hope for the best. Automation, on the other hand, streamlines the process of practice management and claim submission.
It is through proactive decision-making, you can put your revenue cycle management on the right track. And that’s exactly where rapid automation in your denial management process comes into play. When you have embraced innovative solutions, you’ll make your insurance filings spontaneous and boost payables as a result.
Find the Best Billing Software for Your Practice
There is an ample number of billing software out there. But when you have chosen to automate the revenue cycle of your organization, it’s important to use that billing software which is easy to implement and maintain.
Some of the most preferred medical billing and coding software include Kareo, Brightree, Alpha Collector, Futura, Team DME, OPIE, Meditech, Fastrack and PrimeRx among others.
Get Set, Go!
If you have made up your mind to reduce your practice’s claims denial and speed up the entire process, automation of revenue cycle management is your next step for improved reimbursements. A reliable partner can make the transition easy to manage and implement.