Cyclicity of Revenue in Healthcare
Revenue Cycle in healthcare entails entails identification, collection, and management of payments from patients and payors for services rendered. By convention, it comprises of activities such as patient pre-authorization, claims submission by provider, eligibility and benefits verification by payor, payment posting, denial management and reporting.
Patient management and care delivery is an on-going process, with new payment requests and claims getting captured every day. However, healthcare providers track the financial health of their practice by reviewing their operations against the revenue generated over a period of time. This makes revenue management a cyclic process that needs repeated monitoring.
And what better way to do that, than through automation?
Benefits of RCM Automation
RCM is essentially an internal process which healthcare providers prefer managing on their own, largely due to the sensitive nature of data. However, there are several revenue cycle management software solutions and products available in the market, that allow providers to automate their RCM process.
For practices with thousands of practitioners and multiple operating locations, RCM automation becomes a necessity otherwise the administrative load can become crippling and regressive for the organization. Many even prefer outsourcing the process to achieve efficiency and better financial success.
RCM automation, internal or outsourced, essentially helps providers dedicate their focus back on patient care and allow trained professionals to handle revenue management. Critical areas that benefit from RCM automation are operational costs management, resource allocation, data compliance, authorization, regulations, billing, and payor contract management.
Ultimately, with automated RCM, the practice gets paid to its fullest potential – be it from the patients or payors.
Why Choose hBITS for RCM Automation?
At hBITS, we understand the specified and latent needs of your healthcare organization to optimize RCM. Several processes may need over-hauling, new data sources may need to be setup, and reporting rigor may be needed for effective RCM. hBITS RCM Automation offers:
- AI and cloud supported intelligent automation of revenue generating activities
- End-to-end claim filing support with pro-active eligibility and insurance discovery
- 24x7 data capture, management and flagging with accuracy and efficiency
- Intuitive authorization management to reduce process bottlenecks
- Minimized manual intervention for patient data collection
- Claim rejection trend analysis to define critical requisites for claim processing
- Seamless payment posting, payor follow-ups and denial management
- Advanced analytics for financial and operational reporting in custom formats
Partner with hBITS for automating your RCM and optimize your financial output with data-backed insights and decisions.