In the competitive world of healthcare, managing revenue cycles efficiently is essential for maintaining the financial health of any practice. AZZLY’s Revenue Cycle Management (RCM) features are designed to streamline billing processes, reduce errors, and boost financial performance. This blog provides a detailed overview of AZZLY’s RCM features and their impact on the financial health of healthcare practices.
Understanding Behavioral Healthcare Revenue Cycle Management
Revenue Cycle Management (RCM) includes all administrative and clinical functions that contribute to the capture, creation, management, and collection of patient service revenue. Effective RCM ensures that healthcare providers are paid for the services they deliver, covering processes from patient encounters and level of care and services provided to claim creation and submission, to the reimbursement of services from payer, grant or other funding source.
Key Features of AZZLY’s RCM
Integrated Billing and Auto Claims Management within AZZLY EHR
- Description: AZZLY’s EHR & RCM integrated billing system automates the prior authorization countdown, the creation and submission of claims, reducing the likelihood of human errors and ensuring timely filing and faster reimbursements. The system tracks claims from services rendered, to creation of claim, to claim submission, to reimbursement, providing real-time updates on claim status throughout.
- Impact: This feature significantly reduces the time it takes to bill claims, the administrative burden of compliance, the utilization review time, the submission and payment posting process, and minimizes the risk of claim denials.
Claims Scrubbing and Error Reduction
- Description: AZZLY’s RCM includes a claims scrubbing feature upon claim creation,as well as claim scrubbing at the clearinghouse(Availity) level that checks for errors before claims are submitted. This ensures that claims are accurate and complete, reducing the chances of rejection or denial.
- Impact: Clean claims submission leads to faster acceptance and reimbursements while reducing the cost and workload associated with re-submitting denied claims.
Denial Management
- Description: The denial management feature tracks and manages denied claims, providing tools to analyze the reasons for denials and take corrective actions.
- Impact: Efficient denial management helps in recovering revenue from denied claims and prevents future denials by addressing underlying issues.
Patient Payment Management
- Description: The patient payment management feature facilitates easy billing and payment processes for patients. With a premier merchant services provider, Global Payments Integrated (GPI), fully integrated within the RCM, staff can enter payments at the time of service, and establish recurring payments with ease.
- Impact: Enhancing the patient payment experience increases the likelihood of timely payments and improves patient satisfaction.
Comprehensive Financial Reporting
- Description: AZZLY’s platform offers detailed financial reports that provide insights into the financial performance of the practice. Detailed reports on revenue, expenses, provider payments and profitability help practices make informed financial decisions.
- Impact: By leveraging these insights, healthcare providers can identify areas of improvement, optimize revenue streams, and ensure financial stability.
The Impact of Effective RCM on Financial Health
Effective RCM practices have a significant impact on the financial health of healthcare organizations. By streamlining billing processes, reducing errors, and ensuring timely payments, AZZLY’s RCM features help practices maintain a steady cash flow and achieve financial stability. Here are some key benefits:
- Improved Cash Flow: Timely and accurate billing ensures a consistent flow of revenue.
- Reduced Administrative Costs: Automation of billing and claims processes reduces the need for manual intervention, lowering administrative costs.
- Increased Revenue: Efficient management of claims and denials leads to higher reimbursement rates and increased revenue.
- Enhanced Patient Satisfaction: Simplified billing and payment processes improve the overall patient experience, leading to higher satisfaction and retention rates.
Conclusion
Effective revenue cycle management is essential for maintaining the financial health and stability of behavioral healthcare and addiction treatment healthcare practices. AZZLY’s comprehensive EHR and RCM features streamline the clinical and billing processes, reduce errors, and ensure timely claim filings and payments, helping practices maintain a steady cash flow. By leveraging these tools, healthcare administrators and providers can optimize their financial operations and enhance overall efficiency to expand services and programs to deliver quality patient care and outcomes.
If you’re ready to enhance your revenue cycle management and improve your practice’s financial health, AZZLY’s RCM features are the solution you need. Schedule a consultation with our Solution Consultants hereor reach out to us today at hello@azzly.comor (772) 567-0206to learn more. Interested in pricing? Visit our Easy Start Planto get a quick, self-guided cost estimate in minutes!
FAQ’s (Frequently Asked Questions)
1.What is Revenue Cycle Management (RCM) in healthcare?
Revenue Cycle Management (RCM) encompasses all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. Effective RCM ensures healthcare providers are paid for all billable services that they deliver from whatever funding source that they are contracted with. Proper credentialing and contracting is an essential first step.
2. How does AZZLY’s integrated billing system improve claims management?
AZZLY’s integrated billing system automates the submission of claims, reduces the likelihood of errors, and ensures timely reimbursements. The system tracks prior authorizations, auto creates claims from appointment types or from encounters, provides updates on claim status, to streamline the billing process and minimize the risk of claim denials.
3. What are the benefits of using AZZLY’s financial reporting tools?
AZZLY’s financial reporting tools provide detailed insights into the financial performance of your practice. By analyzing reports on claims and productivity, healthcare providers can make informed financial decisions, identify areas for improvement, optimize revenue streams, and ensure financial stability.
4. How does claims scrubbing in AZZLY’s RCM reduce claim denials?
Claims scrubbing in AZZLY’s RCM involves checking for errors before claims are submitted to payers. This process ensures that claims are accurate and complete, reducing the chances of rejection or denial. Accurate claims submission leads to faster reimbursements and reduces the workload associated with re-submitting denied claims.
5. Why is patient payment management important in healthcare practices?
Patient paymentmanagementis essential in healthcare practices because it streamlines the billing process, ensuring patients can easily understand and complete their payments. By simplifying paymentoptions, healthcare providers can improve patient satisfaction, reduce delays in revenue collection, and minimize administrative burdens. Efficient patient paymentmanagementalso increases the likelihood of timely payments, helping maintain a steady cash flowfor the practice while enhancing the overall patient experience.