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Automated Revenue Cycle Management: Improving Financial Performance In Uncertain Times

White Paper Published By: GE Healthcare
GE Healthcare
Published:  Aug 27, 2015
Type:  White Paper
Length:  10 pages

The revenue cycle is impacted by virtually every aspect of the healthcare continuum – from the time a patient makes an appointment, to the care received, up until the time the bill is completely settled. An organization’s ability to proactively manage what happens in that period of time can have a direct impact on its profitability. Conversely, failure to do so can jeopardize an organization’s future.

It is becoming increasingly clear that to prosper in these uncertain times, organizations need to automate their RCM as much as possible. The most successful forms of automation can help lower your staff costs, enhance clean claims rates, cut denial rates, improve patient collections and reduce bad debt – all contributing to enhanced profitability, improved financial outcomes and, potentially, improved patient satisfaction.

RCM automation can help in many ways by:

  • Reducing the number of times staff need to handle claims
  • Providing sophisticated edits to make sure claims are clean
  • Providing prompts to help staff prioritize their work
  • Organizing patient billing information to aid in collections
This whitepaper will share examples of how automation has been proven to improve RCM measures, and even small improvements can significantly impact the bottom line.

Tags : 
centricity business, financial management, revenue cycle, hospital billing, hospital finance, patient billing, rcm, episodic payment, accountable care, icd-10, healthcare reform, shared savings, capitation, payment reform, risk based contracting, hospital consolidation, [mjm] claims, denials, cost to collect, patient accounting