Did you know that faulty RCM processes result in losses of millions of dollars in revenue for hospitals and clinics in the US every year? Of course, the other side of the coin is that an RCM process that is streamlined could potentially increase revenue that much more! In an increasingly competitive healthcare environment, with even stricter regulatory and compliance checks in place, a meticulous and error-free RCM process is an asset for any organization, no matter what it’s size or specialization.
Typically, revenue cycle management involves the entire cycle from patient registration to the final collection and everything in between.
Here are the top three RCM strategies to put in place that will ensure reimbursements are accurate and timely and without any revenue losses due to denials or compliance issues:
- Make technology your friend: The buzzwords today are RPA (robotic process automation), machine learning (ML), and artificial intelligence (AI). When implemented, they can transform your back-office RCM processes to provide a more streamlined, efficient and user-friendly experience for each and every stakeholder in the RCM process. With an RPA-savvy service provider, significant components of the RCM process can be automated. This has another benefit of freeing up human resources from repetitive tasks, thus making it possible to leverage them for more critical processes that contribute to a better patient experience.
- Prevention is better than cure: Who knows this better than healthcare providers? Precious time and resources can be saved from chasing denied claims if only patient eligibility and benefit verification was done meticulously. Outsourcing this to a trusted service provider not only ensures reduction in claims denials, but also reduces the time required for patient check-in, which in turn enhances patient satisfaction!
- Keep a close eye on your claims: Whether it is claims submissions or claims denials, identifying errors quickly can not only save time and prevent a denial, but even if denied, it can be reversed with proper verification. This can be a very time-consuming process that requires a considerable amount of patience and skill. If there has been considerable loss of revenue due to claims denials in the past, then it would be wise to consider outsourcing this to an experienced service provider specializing in correspondence and denial management. They should also be able to provide a thorough analysis of the reasons behind the problem, thus leading to fewer claims denials in future.
No matter which of the above three solutions meet your RCM challenges, Vee Technologies is uniquely positioned to meet all of them with its full spectrum of RCM services that is backed by the latest technology and supported by RPA. Apart from the two services mentioned above, Vee Technologies is also proficient in patient scheduling and pre-registration, claim submission, payment posting, credit balance review, insurance underpayment recovery services, and account receivable & collections. With Vee Technologies, you can be sure that your RCM is in safe hands!