Tuesday 15 June 2021
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Revenue Cycle Management (RCM) Technology Must Haves

Revenue Cycle Management (RCM) Technology Must Haves

Innovation is at the forefront of any technology-driven industry. Today, revenue cycle management is often driven through the use of data and analysis. RCM solutions are able to leverage artificial intelligence and cloud platforms to provide deep and actionable insights — but the right technology needs to be used for every business.

Here are some of the best RCM revenue cycle management technologies.

Greater Levels of Transparency through Patient-Facing Portals

RCM is often most effective when patients are on-board with both their care plans and their account management services. With patient-facing portals and the ability for patients to self-service, healthcare facilities can improve their general revenue cycle management. Today, all-in-one healthcare applications are making it easier for patients to choose their care, manage it, and pay for it.

Not only do patient-facing portals cut down on the amount of work that the clinic itself has to do, but it also leads to more satisfied customers who feel in charge of their health.

Pre-Appointment Verification of Insurance Status

The best RCM solutions make it possible to verify patient insurance status before the patient walks in the door, thereby limiting the amount of time that could be potentially wasted. Verifying insurance status early in the process makes it less likely to book patients who will not be able to obtain medical care, and thereby makes the most of the clinic’s usable time.

Integrated Claim Processing for Faster Claims

Modern RCM solutions include integrated claim processing, to ensure that estimates are as accurate as possible, and to make sure claims get filled as quickly as possible. To avoid delays with claim processing, it has to be handled strictly and accurately. Small administrative issues such as errors in coding could delay or complicate large claims.

Cloud-Based Solutions for Healthcare Facilities as They Scale

Today, many RCM platforms are designed for everything from small scale facilities to larger facilities. These RCM platforms are built on cloud infrastructure, so they can grow with the business. As the business becomes more active, additional resources can be deployed. The cloud enables these solutions to be used from anywhere and ensures that important patient data is protected and accessible.

Advanced Security for Patient Information

One of the greatest concerns when it comes to RCM, EHR, and EMR has to do with security. As electronic records become standardized throughout healthcare, it becomes more difficult to ensure that they are kept private. RCM technology today needs to be able to secure data inside and out, by blocking off patient data to only those who need that data, and by securing the system itself.

Automation for Faster, More Streamlined Processes

The more an RCM solution can automate, the better. The best solutions are going to automate patient benefits, patient responsibilities, claims, scheduling, and billing. This leaves the clinic to provide care and allows them to focus more on customer care rather than the mechanics of billing and claims. Today, insurance claims themselves take up a great deal of time for a clinic and limiting the time that it takes will greatly improve patient care.

Many organizations are now outsourcing their revenue cycle management altogether, as there are companies that have advanced, innovative technologies available — and the experience with which to use them. But advanced RCM technology can empower organizations to take charge of their own revenue cycle management, as well as improving their standards of patient care.

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