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Health systems use revenue cycle management (RCM) to ensure that they bill for services and generate revenue from a patient’s first appointment all the way through to the payor’s acceptance of final payment.
The revenue cycle management process includes several steps, including but not limited to: claims submission, coding, charge capture and collections. Each revenue cycle step has its own purpose and place.
Although the term "medical billing" may be restricted to some of the major components of the healthcare industry, revenue cycle management (RCM) is a sum composite of all processes that are involved in managing a healthcare provider's revenue to ensure that they get reimbursed appropriately and in a timely manner.
It is important to note that revenue cycle management can be used by healthcare providers in outpatient settings or in hospitals. Organizations across the country use it to manage their finances successfully.
Revenue cycle management automation has been around for decades and is a proven method of streamlining healthcare organizations' processes, improving financial results, and increasing revenue. Now, using AI revenue cycle management will never be the same.
What if you could use artificial intelligence (AI) to speed up and change for the better revenue cycle management automation forever?
Automated decision-making technology can be used to help healthcare organizations make faster decisions, improve accuracy, save time, reduce costs and maximize profitability while keeping patients happy
Here is an example of how AI can be used in healthcare:
AI can be used to predict which patients are at risk of having complications or re-admissions so that doctors can intervene early on with preventive care plans. This will enable doctors to spend more time on those who need it most while reducing re-admissions and other complications.
Automated claims processing, using artificial intelligence software, can improve the accuracy of billing. This will lead to greater revenue cycle management effectiveness by reducing denials due to inaccurate information in medical billings.
AI is also being used in medical record keeping automation, which is expected to make healthcare more efficient by allowing doctors and nurses to spend more time on direct patient care instead of entering data into a computer system or filling out paperwork.
Until recently, the revenue cycle management industry has been slow to adopt new technologies, but that is starting to change as healthcare providers realize how much money they stand to save through automation.
Denial management is a strategic process that aims to unmask and resolve problems leading to medical claim denials. But that’s not all; the process should also mitigate the risk of future denials, ensuring that practices get paid faster and enjoy a healthy cash flow.
Here are some ways that revenue cycle automation can help your organization:
Reduce errors- A major cause of insurance claims delay is human error. Automated solutions reduce this risk because everything happens automatically once data is input correctly.
Improve productivity- When a company has an efficient system in place, employees are able to spend more time on other projects rather than checking patient accounts or processing insurance claims manually.
Improve customer service- If you have an automated system in place, doctors and other staff members will be able to spend more time with patients instead of spending hours manually entering information into the system.
Improve cash flow- By automating the payment process, you can receive your money faster than waiting for reimbursement—a major concern for physicians who rely on cash flow from their practices.
Increase patient satisfaction- By streamlining your claims process and reducing patient complaints, you will be able to offer patients convenient payment options and bill directly to their insurance company, thus minimizing paperwork for both parties involved in the transaction.
Improving revenue cycle management- Artificial intelligence technology can automate key processes in your revenue cycle management workflow, enabling your employees to focus on more creative tasks that require human judgment.
The healthcare revenue cycle is one of the most complex and challenging areas of business. The industry has unique challenges, such as the need for highly-skilled professionals, a high cost of care, and a high volume of claims and billing
In addition to these challenges, healthcare organizations must also deal with the rising costs associated with compliance regulations like HIPAA and Meaningful Use. This has led many healthcare organizations to look for ways to improve their revenue cycle management processes through automation.
Which Revenue Cycle Management Automation Company Should I Use?
Jorie Healthcare Partners are committed to being a trusted partner by offering customized solutions that address each client's unique needs. Our team of healthcare industry experts has more than 30 years of experience helping providers improve their operations through a wide range of services including:
Jorie Healthcare Partners is a leading, independently owned healthcare practice management and consulting firm that exclusively serves hospitals, health systems, academic medical centers and physician practices using an integrated tailored approach. We help our clients improve their financial, operational and clinical performance across the organization to sustain long-term, measurable results. This system positions providers of all kinds to succeed in today’s challenging and rapidly changing revenue cycle regulations.
Jorie Bots – Jorie Bots are available right now, ready to be customized to your specific needs and revolutionize the way you manage your RCM. Call (888) 522-0022 or schedule a Jorie Bot demo today.
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