Are Analytics becoming vital for Revenue Cycle Management?

The revenue cycle management is continuously evolving over the years to keep up the pace with changes in the healthcare industry. More technology solutions emerge to address value-based payment models and the revenue cycle management services is becoming more important as there is rise in popularity of high deductible health plans.

There are now more solutions and technology geared toward risk adjustment tracking and coding. Most of the vendors, track and manage new payment methodologies and models. They are providing innovative solutions that will track receipt, disbursement and compliancy of bundled payments when different partner organizations and disparate technology platforms are involved.

It is becoming very important for the providers to make the care affordable as more health plans are moving towards more responsibility towards patients’ cost care. The revenue cycle is also to refine value-based care with advanced analytics. These analytics will be able to facilitate a patient’s understanding of insurance coverage and out-of-pocket cost for pending services that will feature prominently in the future.

Healthcare organizations will require sophisticated analytics to boost practice management system and revenue cycle management of medical group practices. These analytics will pinpoint opportunities for additional profit, as well as value-based contracts which will offer optimum return.

When it comes to productivity, the healthcare providers are lagging behind due to the nature of healthcare industry, workflow, stability, and security factors. The providers have now learnt the advantages that are associated with outsourcing their technology or medical billing requirements.

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Many practices or hospitals manages the financial processes such as, registrations, filing and processing claims, collecting payments and analyzing overall revenue growth. In order to stay competitive in the healthcare system, the providers need to implement strategic solutions to enhance their practices’ collections, patient engagement capabilities and communications. To implement the solutions correctly, it is equally important for healthcare organizations to train their staff and be able to make real-time business decisions. This is done so as to capture and leverage data analytics and insights.

iPatientCare’s denial management team uses unique technology-based analytics by analyzing and reporting from where the errors originated, then goes to monitoring and implementing the solution. Followed by appeal procedures where a qualified team is appointed to research the reason of appeal that can impact insurance decision. The final step is healthcare monitoring that scans numerous external factors which impact providers’ cash flow and result in denials, such as, payer policies, CMS initiatives, state legislations etc., which keeps the providers/patients updated with the challenges and recommend solutions. iPatientCare delivers superior outcomes to its clients through Accounts Receivable by:

  • Clearing 90% of claims within 90 days
  • Increasing providers’ collection by more than 10%
  • Resolving  claims in a single follow-up
  • Reducing accounts receivable in days by 23%
  • Utilizing  the knowledge gained after a years of experience in working with all major insurance
  • Having expertise in all major hospital and physician billing systems

Are Analytics becoming vital for Revenue Cycle Management?

In spite of being unique, healthcare is still a business and it is critical to handle your practices’ finances. Operating a healthcare facility is a monumental task, and the patients are not the only ones who depends on you, from the front-staff to suppliers, the entire community rely on the ability to stay focused.

The providers must focus on healthcare services and not only understand how to diagnose and treat, but also to be master of skills when it comes to appointment logistics, employee scheduling and billing. These concepts are linked together by healthcare revenue cycle management (RCM) services making connections between different aspects of care giving. This drives smarter decision and making better care.

Revenue cycle management recognizes where the money is going, making it one of the biggest advantage. Having more than one practice can sometimes cause lack of clarity and impede your efforts. So outsourcing can help you track your processes from beginning to end and its impact on your profitability (gaining more incentives), eliminating any wasteful streams.

By implementing iPatientCare, one can get rid of all the challenges that practices or hospitals face. Some of the most common challenges are:

  • When collections are low, there is high level of dissatisfaction with the current bill and cannot seem to get hands on what needs improving.
  • Loss of time for the pre-registration and registration process
  • When billing costs are too high than the collections, therefore the expenses are higher than they ought to be.
  • The need for a new system as the existing system is time consuming, expensive and risky.
  • Having staffing issues, with either high staff turnover or delayed timings in managing the bills.
  • Lack of expertise in proper usage of EHR to drive consistent coding.
  • Not experiencing an easy billing services by failing to take the regular follow-ups and hence losing out hard earned collections.
  • Unable to generating and transmitting clean claims

iPatientCare serves number of specialties such as rheumatology, rural health clinics, urgent care, internal medicine and many others. It also provides flexible payment options – pay per service, pay per FTE, pay per transaction, or pay quarterly. Outsourcing Revenue cycle management gives healthcare providers the chance to focus on their patients and providing them with valuable care. The revenue cycle starts from collecting patient data and ends when patients’ balance zeros out. Throughout the process there should always be a balance in practice’s revenue intake and patient satisfaction.

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