Automating RCM

As the healthcare ecosystem faces growing challenges in the wake of the global pandemic, hospitals and practices need to reimagine their strategies and processes. This includes the processes, operations, healthcare capacity and revenue cycle management. Patient-centric care means transparent and efficient medical billing processes and elevated patient financial experiences.

For this, Healthcare organizations need to integrate automation strategies into the medical billing services to achieve superior patient financial experiences. Medical billing automation process begins once the patient leaves the doctor’s office. Hence, healthcare organizations need to have an efficient medical billing automation process to improve reimbursements and enhance patient financial experiences.

Reducing Costs of Healthcare Revenue Cycle Management Services

Medical billing and coding services constitute a significant part of a healthcare organization’s revenue generation process. From automated appointment reminders, patient intake forms and admission to billing, patient education, medication adherence and enhanced recovery process—billing automation integrated into patient engagement solutions goes a long way in enhancing care delivery. Healthcare automation reduces operational costs to a great extent, while improving cost transparency and billing accuracies.

Consider these facts—the current claim denial rate is at 9%, leaving about 4% of the healthcare organization’s revenue at risk; an average Practice or a Hospital pays about $120 for each claim. This accounts for around a whopping $8.9 billion of additional financial burden annually. Research indicates that effective billing automation alone can prevent about 90% of the overall claim denials.

Improving Medical Billing Process Efficiencies

Billing automation is at the crux of the overall medical billing services. In the wake of the COVID-19 global pandemic, the current medical billing and coding scenario fosters providers to reimagine their medical billing automation strategies to improve productivity and efficiency. Medical billing management solutions along with care coordination solutions need to be incorporated into the hospital management system. Healthcare organizations are increasingly adopting telemedicine platforms and other digital healthcare solutions to deliver remote care and medical billing systems need to be aligned to the workflows.

Accelerating Medical Billing Revenues

Research by the American Medical Association (AMA) indicates that more than 20% of claims are reworked due to manual data entry errors. These errors have a direct impact on claim denials and healthcare reimbursements. Automating billing by integrating high-quality medical billing software goes a long way in mitigating the impact of manual errors and improving billing accuracies. Medical billing management solutions also ensure process efficiencies by quickly automating time-consuming tasks, thereby helping the office staff focus better on patient care.

Choosing your Medical Billing Services Partner

Medical billing and coding companies leverage some of the latest medical billing software and outsourcing revenue cycle management services is an ideal solution to improve medical billing reimbursements. However, outsourcing medical billing services is not a one-size-fits-all solution. Consider an end-to-end and exclusive healthcare revenue cycle management company that can handle your unique and specific business needs. From patient engagement solutions including automated appointment scheduling, digital care pathway management, complete care coordination (from admission to post-recovery), integrated into the medical billing services, consider a wholesome solution that is more productive.

To learn more about how SolvEdge’s medical billing services can help improve your revenue cycle reimbursements,
talk to our team.