Timing lags in revenue cycle management (RCM) can prevent healthcare facilities from receiving payments in a timely manner, a definite problem when it comes to efficiency. Eliminating these lags in turnaround time is one of six RCM “fixes” outlined in a new whitepaper from MedTek.
The paper, titled “6 Revenue Cycle Fixes Your Team Should Implement Today,” is available here for free download. It highlights solutions to positively impact the speed, accuracy, and intelligence delivered in a healthy RCM process, allowing healthcare facilities to receive the money they are owed, faster and with greater insights into the process.
When it comes to timing lags, the paper suggests a reliance on multiple vendors or departments for steps within the process is often the culprit, creating opportunities for unnecessary delay. But those delays are avoidable when facilities seamlessly connect every step of RCM through a consolidated solution.
Besides increasing efficiency, using a single vendor to provide an integrated RCM system offers a range of benefits, from increasing collections to improving reporting accuracy. In fact, according to Black Book Research’s 2018 practice management satisfaction survey, hospital-owned and employed physician practices on an integrated revenue cycle management platform collect an average of 29% more on billed charges than independent practice physicians with unconnected platforms.
When a consolidated revenue cycle solution is put into place, facilities can expect claims to be submitted within 48 hours from the completion of the procedure, driving optimal speed and efficiency.
The white paper suggests that by simply removing some of the common mistakes impacting the revenue cycle and focusing on simple “fixes” like eliminating turnaround time lags, many healthcare facilities will be able to cut an average of 10 days per claim.
If you’d like to learn more about creating a healthy revenue cycle to help your facility gain an edge in the healthcare industry, download the new white paper here.