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According to a survey, about a 90percent of claim denials are avoidable, and successful claim denial avoidance may result in more than 5 million dollars in additional income for an average hospital.
Fremont CA: Healthcare companies can keep costs down and focus on improving patient outcomes with an efficient RCM system. They can also save money by automating billing processes.
According to a survey, about a 90percent of claim denials are avoidable, and successful claim denial avoidance may result in more than 5 million dollars in additional income for an average hospital. Thus, RCM technologies may be helpful to create reports that give extensive insight into an organization's finances and performance metrics and reduce claim denials and payment delays.
RCxRules, a revenue cycle automation technology supplier, joined hands with U.S. Dermatological Partners, one of the biggest physician-led dermatology practises in the United States, with almost 250 doctors spread across nearly 100 sites. U.S. Dermatology Partners used the RCxRules Revenue Cycle Engine to automate the charge import and approval procedure.
The staff at U.S. Dermatology Partners was putting forth a lot of effort to address billing and coding mistakes. Following the documentation of visits in their EMR, charges would move through an interface into their PM system with various errors. All mistakes have to be rectified and re-entered by hand.
The medical group was likewise seeing significant expansion. For example, U.S. Dermatological Partners, one of the biggest physician-led dermatology practises in the United States, is constantly adding more physicians and wants to be able to expand seamlessly without hiring extra coding and billing employees to meet the added burden. So, in a nutshell, they had to accomplish more with less.
The U.S. Dermatology Partners group could reallocate four full-time personnel and eliminate one empty full-time position by removing the time-consuming manual input labour. However, despite the addition of two new sites and numerous new suppliers since using RCxRules, they have not employed more billing and coding employees.