Your Absolute Guide to Revenue Cycle Management Software
When it comes to hospitals, they must always come face to face with several challenges including revenue cycle management. If you say revenue cycle management, certain technology must be used in order for claims to be kept tracked of and for issues to be addressed if they arise. Claims being denied are no longer something new across industries and most have already gotten used to them. The healthcare industry sees to it that the impact brought upon by claim denials will be reduced, but until today, there is still not a lot of impact with their efforts. 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.
Nevertheless, current research findings have shown that when it comes to claim denials, 90% of them are preventable while 60% of them are recoverable. So that claim denials will be reduced, healthcare facilities must make sure to follow best practice guidelines that will change an unreliable revenue cycle, reduce back-office backlogs, and drive down everyday denials. 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. Below are some useful tips to ensuring that your claim denials are reduced.
See to it that technology and automation is properly used
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. So that claim denials can be followed up properly, it is crucial for healthcare facilities to be making use of automation and technology. One example would be making use of 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 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.
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Truly, getting revenue cycle management software is a must if you intend to see to it that your healthcare facility is doing well in its function and preventing claim denials.Getting To The Point – Solutions