Client Testimonial: Werking Medical Billing
Werking Medical Billing aka WMB, is a medical billing service provider that offers quality, cost...
Whether you're a provider looking for a better way to handle financial processes or a patient wanting a better payment experience, automated revenue cycle management and billing are vital to the continuity of the healthcare industry. It's also the source of reliable money flow that drives the delivery and innovation of care. Keep reading to discover why automated RCM matters in any business as well as learn more about claim denial management, patient collections and more!
What Can Automated RCM Do For You?
Whether it's when a new appointment is scheduled or during a post discharge evaluation, your practice should track all transactional data and stay up to date with billing best practices that both alleviate staff pain points as well as streamline patient payment experiences. With the right RCM tools, you will have access to data-driven workflows, automated engagement and interactive reporting - all of which allow you to optimize collections, stabilize revenue and generate more profitability. Here are a few ways technology-enabled revenue cycle management can benefit your practice's bottom line:
Without effective RCM policies and procedures, healthcare organizations can't reliably offer quality patient care or sustain financial solvency—which can be a risky proposition as well as leave you at certain disadvantages.
These are just a few problem areas, but the point is clear: foregoing intuitive RCM tools can have an alarming negative impact on how your practice operates both clinically and financially. Click here to explore some new ledger strategies and discover how to streamline certain billing processes!
While 90% of claim denials are preventable, often they are due to incorrect or missing information, which is why you need to make sure you're filing clean claims that are accurate and properly coded. If you supply clean claims with all the necessary details to insurers, you are not only saving your practice from potential lost revenue but are more likely to receive payments after the first submission, rather than waste time going back and forth. That's why effectively preventing claim denials can mean the difference between profitability and failure in any healthcare practice, especially when the right technology isn't set in place.
In addition to automated revenue cycle management, business intelligence and analytics empowers valuable insights into your practice's performance, which may identify patterns in financial trends, determine strategic KPIs, help recover lost revenue as well as monitor fluctuations in profit or productivity.
From large hospital facilities to small clinics, every healthcare organization should implement the following best practices in order to reduce your DSO (days sales outstanding) and foster financial growth.
Ready to leverage the power of automated revenue cycle management? Get in touch with us - we'd be happy to demonstrate the difference our platform can make in not only your practice's financial operations but also your staff's work - life balance as well as how patients make payments and manage their accounts.
As Raintree's Creative Content Manager, I enjoy both creative and technical writing. Some of my passions include art, anthropology, music, cooking and traveling to new places. I hope you enjoy this article, please feel free to comment and share!