Addressing problems in your revenue cycle management is crucial to the long-term health of your ambulatory surgery center (ASC). Regent RCM’s mission is to help ASCs identify and solve revenue cycle challenges. In a series of blog posts, we are outlining some of the most common revenue cycle problems and how to fix them.
Revenue cycle challenge #2 is technology and automation.
Technology and automated processes can streamline your ASC’s front desk and back-office processes, eliminating errors and inefficiencies and improving billing, coding, and collections.
Here are three types of technologies that RCM providers use to optimize billing processes:
- Management Information Systems (MIS): Helps ASCs lower days in AR, get faster reimbursement, and improve profitability, with capabilities including inventory management, insurance verification, surgical scheduling, patient billing, and task management.
- Clearinghouse software: Provides claims submission and management, electronic remittance advice (EOBs), eligibility verification, and information about patient insurance benefits. Enables ASCs to estimate a patient’s responsibility accurately and offer financial counseling for increased upfront payments.
- Reporting and analytics: Aggregates and analyzes data from the MIS to provide useful insights about ASC operations and identify problems that need to be addressed.
One of the main advantages of outsourcing your revenue cycle management (RCM) is that your center gains access to best-in-class technologies and a team of experts who are already familiar with the systems. Here are some other key benefits:
- Fewer errors and denials: Optimized revenue cycle management workflows can easily spot and remove redundancies and errors. When your claims have fewer errors, your denial rate declines and your staff spends less time dealing with backlogs and claim follow-ups.
- Improved collections and revenue: Automated revenue cycle processes manage formerly time-consuming manual actions, like insurance verification and correct coding, leading to faster clean claims and improved reimbursements.
- A better patient experience: With an outsourced, efficient revenue cycle management system in place, your staff has more time to spend helping patients — offering financial counseling, answering questions, and ensuring they have a better overall experience at your facility.
Learn more about Regent RCM’s billing and collections services.