We live in a digital age. It is next to impossible to walk down a city street without seeing someone fixated on their smartphone. Hospitals and healthcare organizations are relying on technology to improve their revenue cycle management components, which should improve profitability. Revenue cycle management (RCM) can be described as the strategy that healthcare organizations use for paying bills. Healthcare organizations will rely on it to handle administrative tasks concerning claims processing, revenue generation, and accepting forms of payment. Increasing profitability is always the goal, and several components could be considered when analyzing the financial strength of an organization. Here are some of the ways technology can positively impact revenue cycle management.
Less Chance For Human Error
The reality is that human error is sometimes inevitable. It often occurs when patient information is being collected because there is just so much of it. The results of their errors can ultimately lead to a loss of profits for an organization. However, newer technologies lessen the chance for mistakes because it streamlines the patient information collection process. It also saves valuable time and usually produces better overall results. Hospitals and healthcare organizations are relying on management software to keep track of all patient information. This includes patients medical history, address, billing, and insurance information. Any time information is changed (ex: new home address) the system will automatically update across the board to reflect those changes.
Many aspects of revenue cycle management are monotonous and take up valuable time out of the day. Since some processes of RCM are inevitable, technology is often the answer to automate them. To begin, scheduling can suck up a lot of time out of the day. Many employees are needed to spend a lot of time every day on the phone for scheduling purposes. Many organizations are now using patient portals to allow patients to book appointments online. Another example would be the submissions of claims. Newer systems allow for claims to be submitted automatically for review. Also, we even have the software that monitors each patient’s account, and certain functions can be programmed ahead of time.
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