Enhance billing services with tech that addresses these key areas
As a billing services provider, your organization performs a key service to the healthcare industry. Your services ensure that patients are informed of what they owe and when they need to pay. Plus, you enable healthcare providers to continue providing essential care to patients across the care continuum – by ensuring that their claims are reimbursed in a timely manner.
With that in mind, you may be thinking that your organization has revenue cycle management under control. But remember that revenue cycle management is more than medical billing services, and the right RCM automation technology could help you streamline workflows, unburden billers, and reduce debt collections rates.
1. Accelerate financial clearance
Staying on top of patients’ ever-changing benefits coverage can be a major challenge. Regulatory updates change what payers’ plans cover. Private and government payers update their plans. Patients switch coverage when they change jobs, or they move to different plans during open enrollment. How can you keep up? Imagine the time your billers could save with automated eligibility verifications that can be performed in large or small batches. With automated coverage discovery, you can accelerate financial clearance and free up billers’ time to pursue higher-ROI tasks.
2. Enhance revenue capture
You have the power to improve cash flow for your organization and your provider partners while improving their patients’ billing experience. All too often, billing services providers don’t have the time or resources to check for patients’ secondary and tertiary coverage. With an automated coverage discovery application, you can simplify that process to reduce the burden on patients and potentially increase reimbursements at the same time.
3. Clear the path to fuller reimbursements
With claims management automation, you can clear the way for more reimbursements and better patient experiences. With access to RCM intelligence, you can get a clear view of RCM trends. By tracking key metrics, you can identify areas where your organization excels, as well as areas for improvement. Imagine how much time you could save – and how much you could streamline your revenue cycle – by identifying and addressing the trends causing the majority of your denials and write-offs.
Effective revenue cycle management is critical for billing services providers to thrive in 2022 and beyond. With the right technology, you can unburden billing staff, streamline claims submissions and edits, decrease denials, accelerate reimbursements, and identify areas where your organization excels and areas for improvement. To find out how the right revenue cycle management apps could help your billing services organization, talk with one of our experts today.