Leveraging Technology to Improve Revenue

Leveraging Technology to Improve Revenue

A study summarized on yahoo!finance indicates that the future of Health Care Revenue Cycle Management may include increases in outsourcing. “The study, entitled PatientPay 2022, found 63% of respondents indicated they were experiencing staffing shortages in their revenue cycle departments, which can lead to less predictability in revenue streams.” This will ultimately result in “third-party financial partners to support their business and patient management needs.”

But how can you ensure the partner and technology you select will accelerate your workflow and not impede progress? Below are three ways to guarantee that your chosen technology and partner will assist your staff and streamline your charge capture processes to maximize revenue improvements.

1. The Right Fit

There are countless solutions in the market today offering similar services that may have a look or feel that is comparable to another. It’s important to take time to research the unique features of each and understand what is and is not included in each service package. Many solutions are “off the shelf” or “one size fits all.” For solutions like this, while they may accommodate the masses, they often require a significant amount of work on the front end to adapt your data and process to meet the needs of the technology to work effectively. In some instances, this is a necessary step toward success. However, if your hospital’s current process is efficient and does not require change, a customizable solution is a far better fit.

2. Total Adoption

Of the current 78% of revenue cycle teams cited utilizing technology daily, according to PRNewsWire.com, only a fraction use the solution to its full potential. The estimation of the cost of a solution considers the return on investment of utilizing the total capacity of the solution. Therefore, if you only use a product for part of its offerings, you are likely underwater on your investment. Upon selecting an RCM technology, it is crucial for you to create training and usage criteria to ensure complete functionality adoption.

3. Timing Matters

When is the right time to start? If your RCM team is up against competing implementation deadlines, throwing one more into the mix may jeopardize the success of multiple engagements. However, suppose your system is considering an Information System transition or upgrade. In that case, it might make sense to coordinate this conversion by adopting a CDM management tool to facilitate the changeover. For example, MedCom’s CMNavigator ® SaaS solution can monitor the connectivity between Order Entry System and Chargemaster Data to alert users when charges are misaligned and will not populate on the bill appropriately. Having systemized alerts and reporting to identify charge capture and charge master errors is critical to continuity and accuracy within the Revenue Cycle.

Customized Charge Cycle Solutions

MedCom Solutions creates customized charge cycle solutions that reduce denials, enhance revenue, and sustain results. Our full listing of services can be applied to both professional and technical billing.

We specialize in OR Charge Optimization and 835 Payment & Denial Trending Analytics in addition to a variety of CDM Management and Charge Capture Services.

Our consulting process and Chargemaster software solutions have saved hundreds of millions of dollars for healthcare organizations for the last 35 years.

To learn more or to get started, visit our homepage or contact us today!

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