Medical institutes that need to achieve a better rate of revenue recovery must focus on their Health Information Management System (HIMS). Denied payments and underpayments drain precious resources that could become a part of the medical institute’s revenue. The excellent news is that a productive HIMS, like the Alpha II ZBR Platform, can help ensure that the appropriate information is available at the right time to help solve the problem. A productive HIMS will ensure that data integration takes place while applying the necessary data security protocols.
Understanding Healthcare Revenue Cycle Management
A productive HIMS is tracking the financial elements of your transaction whenever a patient makes an appointment to visit any one of your physicians. With the help of medical billing software workers can easily achieve many different tasks. This includes verifying insurance coverage and establishing copayment statuses before the patient arrives at the medical institute. An efficient HIMS can communicate distinct codes and claims with insurers to ensure that patients are billed for the remaining amount after their appointment.
One of the main constituents of a productive health information management system is the revenue cycle management feature. To successfully deploy a productive revenue cycle management program, the HIMS must integrate the electronic health records (EHR) of the patients. The HIMS must also maintain the complete privacy of all of the EHR of the patients every time any transaction or modification takes place. The HIMS must also maintain accurate records of payments based on the revenue cycle management conditions.
Healthcare Revenue Cycle Management & Implementation Challenges
To achieve a productive revenue cycle management, healthcare providers must acquire their patient’s insurance and payment information. This means that the healthcare providers must acquiesce to the constantly changing government regulations and insurance reimbursement policies. Doing so will help ensure that their claims are filed and paid for properly with all of the concerned parties. But this also means that the medical institute must update their policies whenever a change must be implemented.
Government organizations are constantly working to lower medical costs for the citizens of the country. This means that they will constantly implement changes that will affect medical institutions and their policies. Initially, medical institutions used the traditional fee-for-service model to bill their clients. Now the U.S. Centers for Medicare and Medicaid Services (CMS) are implementing the value-based care payment model in their medical institutions for their patients.
Implementing the value-based care payment method means that the billing is linked to the outcome of the patient instead of the traditional fee-for-service. Medical institutes that fail to implement the necessary changes in time can face difficulties maintaining their records with commercial insurance agencies. This is because the commercial insurance agencies have also made the necessary changes to adapt to the newer value-based care payment method implemented by government agencies.
Medical Institutes Adapting A Profitable Health Information Management System
The right health information management system will be able to achieve specific financial goals at the same time as complying with governmental requirements for medical institutes. The medical institute will be able to boost up-front cash collections and minimize the number of days to reimburse a claim. An efficient HIMS can also help a medical institution productively manage resources within its facilities.