Thursday, July 10, 2014
What is Revenue Cycle Management and How Can it Benefit Hospitals?
"Since a majority of patients may be enrolled in an insurance policy, gathering accurate data and verifying information becomes top priorities. After patients provide insurance information, it is advisable to confirm eligibility for coverage prior to hospital admission. Through this practice, the hospital can avoid expensive liabilities and minimize the likelihood of claims being denied, which can cause undue inconvenience to patients. As the EHR Intelligence excerpt suggests, using a certified EHR technology makes the process more efficient. The automated system can record insurance information aside from other health data, so the hospital can send batches of data to a clearinghouse for eligibility confirmation. Through proper guidance on these innovative programs, leading revenue cycle management companies like DECO Recovery Management enable hospitals to improve their collection strategies and focus on providing better care to patients."