Revenue Cycle Analytics and Management
The intricacies and difficulties that a hospital faces in maintaining a healthy cash flow while coping with an ever changing healthcare landscape is a veritable challenge. Meeting the evolving needs with predefined and often limited resources needs acute insights that only in-depth analytics can offer.
While hospitals, small practices, and larger healthcare systems are known for saving lives and treating patients, every healthcare organization needs to develop successful processes and policies for staying financially healthy, this is where Revenue Cycle Analytics and Management comes in.
RCM intelligence is an application for revenue cycle management and patient billing that helps bring financial integration while offering simplification to allow hospitals gain smoother control over operational and financial processes to achieve real cost and time savings.
With the application, a healthcare organization can
- Reduce billing errors.
- Increase revenue and improve cash flow.
- Help streamline billing processes.
- Help Reduce denials.
- Help Comply with regulatory billing and electronic transaction rules.
The revenue cycle application helps manage the all-important financial metrics in patient care such as Bad Debts, Accounts receivable (AR), Average daily revenue (ADR), DNFB, FBNS, POS collections, etc., that determine the financial viability of the enterprise in the long run while providing an opportunity to course-correct in the immediate future.
Apart from catering to the standard functional areas of finance such as Patient Access, Revenue Integrity, Claims Analytics, Reimbursement, and others through a set of standard and industry accepted KPIs, the app also provides for probing deep to find the root causes for –
- Challenges in timely Billing completion.
- Failure to collect monies at service.
- Reimbursement rate changes.
- Payment posting inaccuracies.
- Billing and coding errors.
- Accounts receivables related issues.
The solution helps proactively manage revenue cycle and allows smoother and stronger control.