How much of your time is taken up by the need to adjust and resubmit denied claims? How often does your organization experience preventable readmissions?
These are just a few of the ways to measure the effectiveness of your workflow. When you’re able to get claims right the first time, you don’t have as many denied claims to manage. You’re able to shift your attention to other aspects of your business – like the quality of care you’re providing patients and the opportunities you have to reach new patients.
This may sound like a dream, but it’s quite possible with the use of advanced technology! Here are three powerful benefits of making your business more tech-savvy.
1. Speed up your revenue cycle
Take a close look at last month’s revenue. Notice the gap between what you expected to get from accounts receivable and how much of those payments actually came in. This difference represents all the money that’s gotten caught up somewhere along your A/R cycle.
A portion of these claims may have been partially paid or they may be denied claims you haven’t resubmitted. These claims could also include payments which patients are responsible for but haven’t submitted to you.
No matter the reason, these claims add up quickly. Thankfully, technology can help you keep track of claims and their payments. It can significantly reduce the amount of time you spend waiting to see if a claim has been accepted and makes it easier to resubmit denied claims.
You also have the option of giving patients a better way to pay. Instead of sticking with traditional cash or check methods, go digital and see how much of an impact this makes on your revenue cycle.
2. Decrease the number of claim denials you receive
Another benefit of bringing more technology into your workflow is the decrease in denied claims you’ll be dealing with each month. Instead of editing and resubmitting claims that weren’t accepted, advanced systems give you the chance to get everything right the first time around.
The use of technology means you can access patient history at the touch of a few buttons. It allows you to build a new claim with data you already have rather than creating every single claim from scratch.
Technology can catch common human mistakes, too. It tells you when you’re missing key information or when a code has been used incorrectly, further enhancing your workflow.
3. Leverage big data to provide a better quality of care
As great as it is to get paid for the work you do, it’s an even better feeling to know your work is paying off. Big data allows you to get a much deeper understanding of each patient’s condition. It provides all the information you need to assess a treatment at the touch of your fingertips.
Access to such technology means you don’t have to flip through charts or track down certain forms anymore. You can just pull up a person’s profile and quickly grasp their needs. This allows you to catch early warning signs, take note of new methods that are working, and more.
Over time, it creates a pool of data to learn from and utilize to improve future treatments. You’ll find new ways to approach old problems, enhancing each patient’s experience with you and their health as a whole.
And at the end of the day, isn’t that the whole point?
Stop wasting time trying to fix a backlogged A/R cycle or letting important patient information slip through the cracks. Start utilizing more technology in your workflows to create better, faster results within your organization.