In an ideal world, revenue cycle management (RCM) would begin immediately after a patient is discharged from the hospital—or sooner—and your organization would collect healthcare bills quickly and effectively thanks to a streamlined process. Under current business models, however, hospitals and other medical practices are losing revenue and wasting human resources chasing payments rather than putting the focus where it belongs: on patient care.
How do hospitals and other healthcare organizations pare down their operations and prevent lost revenue? By partnering with an experienced digital transformation firm to implement strategies and solutions to streamline their RCM process.
The challenges involved with revenue cycle management
Revenue cycle management represents a complex timeline of the services rendered to patients, the healthcare bills generated from thoseservices, and the collection of payments after coding and insurance adjustments have taken place. The revenue cycle begins with any pre-registration information that your organization captures when the patient schedules and exam or procedure. The cycle continues as the medical service is provided to the patient, the file is coded and authorized by the insurance company, and remittance occurs during the billing phase. The revenue cycle is complete once your organization takes payment for service.
Challenges with RCM occur due to the length of the overall revenue cycle. There are too many opportunities for patient bills to remain unpaid. Doctors, office staff, medical coders, insurance companies, and sometimes even collections agencies are involved with the overall revenue cycle.
Perhaps the patient is appealing an insurance denial or fighting with their provider over insurance coverage, delaying payment. Perhaps they don't understand the nature of the coding used on the bill. Due to the length of the billing phase relative to the overall revenue cycle, it is unfortunately all too common for patients to forget about their healthcare bills, especially when they receive statements long after the procedure is complete. Many of these reasons speak to a poor customer experience that is affected by too much administrative entanglement.
The end result is that your hospital loses out on valuable revenue, sacrificing potential profits for additional administrative intervention and lengthy collections time. If your practice's management policies don't aim to proactively curb the length of the revenue cycle, your hospital may be throwing away money.
How DRS Imaging solutions help reduce the RCM timeline
- Records management
- Document imaging
- Electronic health records
- Content management for enterprise accounts
- Document storage
Document imaging and scanning can help your practice make a seamless transition to paper-free operations. No matter what sector of health care you work with, the amount of paperwork that you are required to deal with and retain on a daily basis can bog down your business operations. There are days that you might feel like your staff is drowning in paperwork, and all their attention is focused on mechanical, administrative tasks. That's not to mention the amount of physical office space that document storage takes up.
Our software solutions take wasted time and space out of the equation by handling document retention in a safe and secure digital environment that preserves HIPAA and SOC-2 compliance. Our digital technologies can handle your classification needs, sorting, organizing, tagging, and storing important patient information automatically through machine learning and artificial intelligence.
By automating essential documentation and billing functions, you remove the burden of those administrative tasks from your office staff. In some cases, you eliminate the need to retain costly paraprofessionals altogether, allowing your hospital or practice to focus on what's really important: patient outcomes. Automated document prep, retention, and billing functions can drastically lower the length of your revenue cycle and improve your RCM practices.
The benefits of a shortened revenue cycle
Revenue cycle management is advanced by digital technology. Software shortens and economizes the revenue cycle, bringing a holistic level of benefit to your hospital or organization's documentation and healthcare billing practices.
A digital transformation initiative such as DRS Imaging can help your organization reduce administrative bloat and streamline your operations. By eliminating the burden of costly and time-consuming tasks from your office staff, you free up your practice to focus on patients and the quality-driven care that you provide to them. Doctors and upper-level administrators can focus on the quality of the facility and on building professional relationships with other providers, rather than having to oversee paraprofessionals and clerical staff. This, in turn, increases the quality and reputation of your practice's brand.
The switch to a BPO makes smart financial sense. In many cases, when you outsource document prep and custody to a service platform like DRS Imaging, you reduce the need for on-site staff and the costly overhead to retain them. You maximize every dollar, creating a proper return on investment.
Automated billing practices through our document scanning service also help to create an error-free practice that excels at compliance. Our AI can do the job of coding and filing more efficiently and more accurately than on-site staff, with less interruption, increasing the quality and expediency of your healthcare billing process. That means more realized revenue for your hospital.
Implementing digital transformation in your practice
Automated, off-site digital solutions such as scanning, imaging, and document storage, bring with them radical benefits that affect the operational health of your organization. DRS Imaging has over 50 years of experience working with medical documentation that includes BPO services and the maintenance of electronic health records. Our digital documentation services lend a higher level of consistency to your billing processes while streamlining your RCM, making for a leaner, more efficient paper-free practice. Please contact our representatives to start your digital transformation today.