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Everything You Need to Know and More About Revenue Cycle Management Software In terms of hospitals, there are several challenges that they have to face with the likes of revenue cycle management. If you say revenue cycle management, certain technology must be used in order for claims to be kept tracked of and for issues to be addressed if they arise. If you talk about claims, there are a lot of times that they get denied, and this scenario not just happens to one industry. A lot of effort is being done by the healthcare industry to make sure that the negative impact brought about by claim denials is decreased; however, they are still making that much of an impact. Even if there a lot of changes being done in the CMS for ICD-10 claims to be processed, there are still a number of analysts that think that there will still be an increase in claim denials under the ICD-10. Nonetheless, recent research has found that when it comes to these claim denials, 90% are preventable while more or less 60% are recoverable. So that claim denials will be reduced, healthcare facilities must make sure to follow best practice guidelines that will change an unreliable revenue cycle, reduce back-office backlogs, and drive down everyday denials. It is a must that these facilities must also have systems that allow claims to be coded meticulously and correctly, proper determining of patient insurance status, and co-payments to be properly collected. Here are some things that will help you reduce the chances of getting claim denials. Make sure to use technology and automation If you are just manually processing following up denied and rejected claims, not only will you be wasting employee time but also slowing down your cash flow income. So that claim denials can be followed up properly, it is crucial for healthcare facilities to be making use of automation and technology. One example would be making use of revenue cycle management software. When it comes to manual processing of individual claim denials, each employee may have to spend an average of 50 minutes each. All of these things are wasting the time of your employees and they are most definitely unnecessary. With the aid of automation, doing manual processing is already gone and technology will make sure that it will be able to help out the workflow of your health facility and more. There is no doubt that when you use the right automation and technology in your healthcare facility, you can save most of the money that you typically use in doing research, in paying for paperwork costs, and in spending some time reworking claims and interacting with insurers.
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Thus, if you want your healthcare facility to be working its best with help of automation and technology, make sure to consider getting revenue cycle management software.Why No One Talks About Software Anymore