Amid changing healthcare regulations and patient expectations, there is an ongoing problem within the medical field that adds another level of stress to health care providers who already find themselves stretched thin: reimbursement. In fact, according to a poll by Cardinal Health, reimbursement is the number one concern for today’s healthcare providers.
Reimbursement: A Key Business Function in Healthcare
It makes sense that reimbursement is a key business function for any healthcare provider so mentioning it might sound redundant. That is until one remembers that most healthcare providers aren’t business people. In order for them to be successful at managing the business end of healthcare, medical providers need to closely examine each area of interaction between the patient and themselves to determine where gaps that could lead to risk or loss are evident. These components include process integrity practices such as coding compliance, billing services like collections and administrative services such as denial management.
Effectively Managing the Revenue Cycle
There are several key elements that impact a professional revenue cycle. Identifying these and implementing organizational models that support efficient reimbursement management is required to effectively manage the revenue cycle. The implications of a revenue cycle that’s not managed effectively include a rise in billing costs, an increase in accounts receivable and a reduction in collection rates. This significantly reduces the value of the provider’s business.
EHR: Revenue Management for Today’s Healthcare Providers
Electronic Health Records (EHR) have seen an exponential increase in their adoption in just a few years. Going from adoption by just a few health care providers to nearly universal implementation across the country, an EHR is now considered to be an essential method of maintaining business operations for many medical practices, behavioral facilities and addiction treatment centers.
In order to address the number one concern of healthcare providers — reimbursement — the right EHR needs to be more than just a repository for patient records, though. It needs to offer robust Revenue Cycle Management(RCM) features that are built right into a cloud-based delivery system. Components such as electronic claims that are only a few clicks away and access to a variety of customizable financial reports are essential. Others including billing and a clearinghouse help maximize reimbursement and, in turn, revenues for providers.
Healthcare providers in the behavioral health and addiction treatment space turn to AZZLY® because the software provides them with assistance from the very beginning of a claim until it’s resolved. Claim documentation on interaction with payers and patients allows healthcare providers to view a chronological overview of every step involved, ensuring that the claim is resolved. Contact AZZLY at 1 (888) 400-3201 today to learn more about pricing and to view a demo.
Consider the AZZLY process: Claims in AZZLY are sent real-time assuring without waiting until days end to “batch send” claims. Scrubbing occurs within minutes of a Claim being sent to a payer, enabling users to react in a timely manner to any claim errors or receive an acceptance message from the payer.
Aging Reports and Filters for open claims allow users to assure that aged claims are promptly addressed.