Manual processes are prone for errors and mistakes throughout the revenue cycle from the point of scheduling to achieving a fully paid, zero-balance claim. Even AI, RPAs, and bots can make mistakes when not configured correctly. The key question is: can you pinpoint when and where in the revenue cycle issues are occurring and do you have objective data to back it up? How quickly can you determine a resolution?
To answer this question, you must have visibility into every touch and action taken by in-house, remote and outsourced staff to resolve claims – the human generated data. Once you have the human data, you can understand the true status of claims, actions taken by staff and their ability to positively impact the AR balance.
Most provider organizations have no visibility into the daily activity of revenue cycle staff or the effectiveness of their efforts due to the constraints of the common data housed in PM or EHR systems, such as information related to patient visits and claims status. The missing link is the ability to access human-generated data through the use of workflow automation and AI-powered analytics solutions. Every time a staff member touches a claim, it costs money, yet without the ability to track every claim touchpoint, you cannot measure how many touches are wasted, ultimately limiting opportunities to identify errors, conduct a root-cause analysis and improve processes.
Based on our benchmark data from millions of touches from AR staff, up to 60% of touches are wasted. if given the proper tools such as workflow automation and AI-powered analytics you can eliminate wasted touches which means your staff will be able to increase their capacity. Without structured data to measure the activity, status, and actions of your A/R follow up team, labor costs and aged A/R issues will cut away at your margin and drive up your cost to collect. Learn more about wasted touches and how to prevent them.
Effective Intelligence combines Patient Financial Clearance Automation, Medical Billing Workflow Automation, and Real-Time RCM Analytics in a cloud-based platform designed to integration with your current EMR/PM technology to measure the effectiveness of your RCM staff.
Review and assess your practice’s financial status in 5 min or less and know exact where you are losing money and why. Measure the work effort of every revenue cycle employee, incentivize and retain your top performers, and help employees that need improvement.
You can prevent most common denials, rejections and write-offs during the scheduling and pre-registration process in advance of the appointment. Configure checkpoints and use central task management to quickly clear patients and keep your front office staffing needs at a minimum.
As team members log in to the web-based application and record each “touch” of a claim, outcome, and next task, key data points are recorded like who completed the task and when, outcome, task notes, internal / external messages sent, collection success and other data points that feed into our real-time analytics.
Reduce RCM labor dependence with financial clearance, insurance A/R, & patient A/R automation modules with real-time analytics.
Increase productivity and simplify front & back office processes while keeping your staff focused with our flagship PM system.
As healthcare leaders look for the low-hanging fruit for AI and automation investments in the revenue cycle, there are three things that should be considered to achieve maximum impact on
Where are mistakes happening & what are the proven strategies to fix them? View the infographic and take product tours of Ei Suite.
Matt Seefeld discusses the role that measuring claim touches & calculating the cost to collect will have on AI-powered revenue cycles.
The reality is that current stats related to U.S. administrative waste in healthcare are abysmal, equating to about 30% of total spending waste. In response, healthcare organizations are prioritizing adoption
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