A well-structured revenue cycle is vital to a healthcare organizationโs survival. An ineffective revenue cycle management (RCM) strategy will hinder a providerโs profitability and negatively impact the patient experience. These issues are compounded by the ever-shrinking margins with which healthcare providers must contend.
Many healthcare organizations are ditching their disjointed revenue cycle programs for end-to-end RCM solutions in response to these challenges. These comprehensive technologies offer substantial benefits over outdated legacy systems.
Why End-to-End RCM Solutions Are Necessary
Before discussing the advantages of RCM solutions, itโs important to understand why these technologies are crucial in the first place. RCM solutions address one of the most common pain points associated with revenue cycle management: data fragmentation.
Data fragmentation occurs when various pieces of RCM-related information are stored in disjointed programs that cannot efficiently communicate. This partitioning creates what is known as โdata silos.โ Much like physical agricultural silos, data silos keep information isolated from outside sources, such as other programs.
A recent survey cited by Yahoo Finance found that 53% of health systems used at least four different data sources to manage RCM operations. The majority of respondents used a minimum of three solutions, and only one out of 10 had a fully integrated RCM platform.
Data fragmentation causes organizations to be heavily reliant on manual processes. Employees are often tasked with data entry, which prevents them from performing more dynamic activities.
Data fragmentation adversely affects virtually all facets of RCM, including automation, performance management, and claim-denial prevention efforts.
Advantages of Comprehensive RCM Technology
One key advantage of end-to-end RCM solutions is that these services eliminate data fragmentation. Each technology component associated with RCM is designed and implemented by a single vendor. As a result, each program can effectively share information with one another.
Additional benefits of fully integrated RCM services include:
Expedited Collections Process
Through the power of automation, healthcare organizations can speed up core processes like data collection, medical coding, and insurance verification.
This acceleration allows them to expedite the entire revenue cycle and collections process. The result is a more consistent cash flow, which is essential for organizations to avoid operational disruptions.
Better Claims Oversight
End-to-end RCM solutions also incorporate a built-in system of checks and balances.
This system provides the billing department and decision-makers with complete oversight of claims. Healthcare providers can reduce the total number of coding errors and claim denials, and receive reimbursements more rapidly.
With claim denials reaching historic highs during the pandemic, it is clear that providers must reassess how they process medical bills. RCM technologies are the most practical way to decrease claim-denial rates and ensure that healthcare providers are appropriately compensated for their services.
Improved Patient Experience
Despite the industryโs complexity, healthcare as a whole is still customer service-oriented. With that in mind, healthcare organizations must provide a world-class patient care experience. Negative experiences will damage a providerโs reputation, which will ultimately impact profitability.
An end-to-end RCM solution helps organizations enhance the level of care they provide. Staff members will spend less time performing redundant data entry. They can instead focus their efforts on serving patients and reducing friction during the data collection process.
Additionally, patients can schedule appointments and book follow-ups more easily, and take a more proactive role in their own care experience.
Reduced Employee Workload
Staff burnout is a major concern for healthcare organizations, especially in light of the pandemic. Throughout 2020-21, healthcare employees were assigned extra shifts and took on more work than ever before. Even as the world strives to return to normal, many healthcare professionals are still struggling with feelings of burnout.
While RCM solutions alone cannot solve this problem, they can certainly reduce the workload of many employees. Using RCM, healthcare organizations can automate many redundant practices. They can also minimize claim denials and other RCM-related hangups, thereby avoiding the need to file appeals or re-bill insurance providers.
Maximized Profitability
RCM solutions can also increase an organizationโs profitability. An end-to-end solution will include state-of-the-art EHR (electronic health record) technology that allows staff to accurately document the care patients receive.
When it comes time to bill for these services, coding professionals can easily access EHR documentation. This access ensures that the facility is paid correctly for the care it provides.
EHR technology streamlines the entire workflow. An electronic health record platform can improve billing, coding, scheduling, and even payment processing.
Convenience and Security
In addition to the benefits outlined above, end-to-end RCM solutions are incredibly convenient for staff. The fully integrated platform leverages cloud-based storage as opposed to on-site servers.
Cloud-based solutions provide a high level of data security. Modern cloud-based RCM technology utilizes the latest combination of cybersecurity protocols to protect confidential patient data.
Cloud storage allows staff members in various departments to securely and easily share information, even if they work at separate facilities. They can remotely access patient data for billing and treatment purposes. This added convenience enhances the patient care experience while also increasing healthcare providersโ productivity and profitability.
End-to-End RCM from GeBBS
GeBBS Healthcare Solutions offers cutting-edge revenue cycle management services for our clients. Our suite of RCM technologies includes:
- PMS/EMR system and RCM process implementation
- Scheduling, eligibility verification, and pre-authorization
- Medical coding
- Claims submission (use your clearinghouse or one of our partners)
- Accounts receivable management
- Credit balance resolution
- Customer/patient access solutions
True end-to-end RCM addresses every aspect of the revenue cycle. Request your consultation today to learn more about GeBBSโs fully integrated RCM solutions.
GeBBS Healthcare Solutions is a leader in RCM technology and health information management (HIM) services. Our expert team is ready to help you revolutionize your revenue cycle, optimize your patient experience, and maximize your profit potential.
