Provider credentialing is a detailed process that reviews a provider’s qualifications and career history including education, training, residency and licenses, as well as any specialty certificates.
One of the fastest ways to ensure positive cash flow is to improve your process that generates and mails patient statements. Expedite patient payment collections with automated processes.
Accounts Receivables Management & Follow-up
Accounts Receivables (or AR) is money owed to the provider based on the different patient accounts for services rendered. AR is payable by insurance firms and patients.
Denial Management & Appeals
A high percentage of claims put forth by patients or providers are denied by insurance companies due to incomplete claim forms, wrong diagnosis code, incorrect modifiers, and more.
Charge entry process is the most critical and important feature of the medical billing cycle where the claims are actually created.
Medical categorization or medical coding is the method of converting medical diagnoses reports and dealings into a collective list of assigned medical code numbering.
Claims Scrubbing & Submission
The number of denied or rejected claims is reduced drastically when you incorporate successful claims scrubbing that detects and eliminates errors in billing codes before submission.
Insurance Eligibility Verification
Insurance eligibility verification is an important process wherein a provider’s practice or healthcare facility checks into a patient’s insurance coverage to learn what services or treatment will be covered by insurance in order to offer better consultation and care.
Your registration process will capture your patients’ information, including insurance information. Ensuring an optimized process ensure you get paid faster for services rendered.
Would you believe that one simple addition to your revenue cycle management strategy could increase your revenue and clean claims percentages while decreasing your overhead costs?
It might sound too good to be true, but it’s not. The future of healthcare revenue cycle management is here, and it’s come in the form of robotic process automation.
What is robotic processing automation, and how can it help you?
Robotic processing automation is a software robot used in revenue cycle management to automate the payment posting and processing of claims to secure a higher revenue percentage per claim.
What are the top 4 advantages of using robotic process automation in healthcare revenue cycle management?
- Increase Your Clean Claims Percentage
Because robotic process automation is a digital employee, you’ll notice that consistency is easy to maintain. Plus, due to the elimination of human error using robotic processing automation, your clean claims percentage will increase exponentially.
- Process Claims Around The Clock
Every hour that goes by without a processed claim is an hour that stands between a provider and his revenue. Practices that choose to use a robotic processing automation will enjoy faster processing because their bots don’t ever need to take lunch breaks or bathroom breaks. Plus, there’s never a clock in time, clock out time, or paid time off for robotic processing automation software; it works around the clock to ensure your practice or lab brings in revenue faster than ever before.
- Track The KPIs That Matter Most To You
Every practice has its own unique revenue cycle management challenges. Because of this, the most vital KPIs to each practice or lab will vary. Whether you’re struggling with a high rate of denials, a high number of days in AR, or low clean claims percentages, a robotic processing automation strategy in place can track and share that specific, important data with you.
- Reduce Overhead Costs & Wasted Efforts
After implementing a robotic processing automation component, most practices and labs are pleased to learn that they can reduce the number of administrative employees needed. In addition to reduced overhead costs, a robotic processing automation component in your strategy ensures that your claims are completed correctly the first time around, saving you wasted time, money, and resources.
How should I implement robotic processing automation into my practice’s RCM strategy?
Providers tend to choose or implement a robotic process automation strategy based on whether the robotic processing automation is sold as a software or as a service.
Practices that opt to purchase robotic processing automation software should do so knowing that there could be a high learning curve for the product. Plus, purchasing robotic processing automation software means that the practice will still need full-time administrative personnel on staff to run and manage the software.
Busy practices that are interested in saving time and resources should consider partnering with a revenue cycle management firm that includes robotic processing automation software as a service as a part of their overall RCM success strategy.
Interested in learning how robotic process automation can strengthen your revenue cycle management strategy?
CONNECT WITH A PLUTUS REPRESENTATIVE TODAY TO LEARN HOW ZEUS, OUR ROBOTIC PROCESSING AUTOMATION SOFTWARE OFFERED AS A SERVICE, CAN HELP YOUR PRACTICE OR LAB ELIMINATE HUMAN ERROR, DECREASE OVERHEAD COSTS, AND INCREASE YOUR REVENUE.
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