Ask a provider what EHR system they’ve chosen to go with and you’re bound to receive a single response. Ask them again about their revenue cycle management system and you’ll more than likely receive a multitude of responses.
According to a HIMSS Analytics and Dimensional Insight survey, over sixty percent of healthcare organizations rely on multiple vendors for their revenue cycle management, as many as three or more vendors in some cases. The healthcare revenue cycle management process is an intricate process with multiple components, from registering the patient to submitting the claims, resolving accounts, and more. In order to improve timely reimbursement, it is imperative that providers make sure the cycle operates as smoothly as possible.
To illustrate, consider an Illinois-based medical center which relied on multiple vendors to manage its revenue cycle. With more than fifteen medical centers to oversee, having a legacy system for patient accounting and then another for its revenue cycle management resulted in errors and poor efficiency as everything had to be kept in sync. Frequent audits were required to make sure nothing had been overlooked. Ultimately, the medical center went with a new “all-in-one” revenue cycle system under one vendor that also consolidated its EHR system. Soon, the clean claim rate had improved, preventable errors were reduced, and revenue improved in the first two months following the implementation of the new vendor.
You can read more at the following link: https://revcycleintelligence.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical payment systems, please call 877-759-6315.