Why Healthcare Professionals are Automating Revenue Cycle
Healthcare professionals have their hands full. They’re trying to take care of patients, manage the business side of healthcare and keep up with the latest advances in medicine. That doesn’t leave much time for paperwork.
Fortunately, automation can help lessen some of these burdens by automating the revenue cycle—the series of steps that occurs between a patient receiving treatment and paying their bill. Here are just 4 reasons why improving your revenue cycle is worth it:
To Improve Patient Satisfaction
The #1 thing that healthcare professionals want to do is make sure their patients are happy and getting the care they need. To achieve this, hospitals and clinics have begun automating revenue cycle management in order to improve patient satisfaction. A study by Accenture revealed 86% of patients would be more likely to recommend a provider if their experience was pleasant while they were there.
To Streamline Billing and Claims
The revenue cycle management (RCM) industry is growing quickly. According to a study released by Accenture, “The Digital Transformation of Healthcare,” the healthcare front office will be responsible for nearly 60 percent of total RCM spend by 2020.
One way healthcare professionals are automating routine tasks is through robotic process automation (RPA). RPA can automate repetitive processes like billing and insurance claims to help streamline billing and claims. By leveraging one or more RPA solutions, you can save time and money while helping to improve the quality of your data by reducing opportunities for errors and fraud.
To Improve Reimbursement
Reduce claim rejection
Reduce claim processing time
Improve claim accuracy
Increase claim payment accuracy and speed
To Make Operations More Efficient
To make operations more efficient, providers are automating the following:
Patient check-in and registration
Billing and claims processing
Patient satisfaction surveys
Providers can automate various processes in order to reduce claim processing time and make it more efficient for staff members.
Providers can use automation software to improve claim accuracy by improving data entry accuracy, reducing manual tasks and reducing manual errors. This helps reduce costs associated with claims processing as well as prevent mistakes from occurring in the first place."
Automating the revenue cycle is all about making healthcare providers’ and insurers’ jobs easier.
In healthcare, revenue cycle automation is all about making healthcare providers' and insurers' jobs easier. It's about improving efficiency and reducing costs.
As the population ages and the cost of healthcare continues to rise, every dollar counts. That's why healthcare professionals are turning to automation to streamline their operations and cut out unnecessary steps in the billing process.
In a nutshell, it's about streamlining the billing and claims process by automating as many steps as possible. When you automate your billing process, you're able to use technology to speed up your operations, improve customer service and reduce costs.
Revenue cycle automation is a relatively new technology that has been proven to increase efficiency, decrease costs, and improve collections. In other words, it can help alleviate some of the stress healthcare professionals face as they work to keep their facilities running smoothly.
The goal of revenue cycle automation is to automate every step of the revenue cycle so that it happens seamlessly in real time.
This means that instead of having to manually enter data into different systems, you can have all of your systems connected automatically. It also means that your staff will be able to focus on more important tasks like patient care instead of data entry or insurance claims processing.
The healthcare industry is growing quickly. As more people get insured and need services, there’s more work to be done. These changes mean that all involved parties must step up their game—and automate as much of their processes as possible. By automating the revenue cycle, healthcare providers can improve patient satisfaction while streamlining billing and claims and making their operations more efficient.
Which End-to-End Automation Company Should I Use?
Jorie Healthcare Partners technology takes their clients to the next level through automation, allowing a reduction of denials by 70%, improving ELG by 100% with a 99% clean claim rate to streamline their revenue.
Jorie Healthcare Partners are committed to being a trusted partner by offering customized solutions that address each client's unique needs. Our healthcare team has more than 30 years experience helping providers improve their operations through a wide range of services.
Jorie Healthcare Partners, a leading, independently owned healthcare practice management and consulting firm, exclusively serves hospitals, health systems, academic medical centers and physician practices.
Jorie helps 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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