Thursday, March 5, 2015

Improving Revenue Cycle Management Amidst ICD-10

In October of this year, the healthcare industry is expected to head for another set of changes with the implementation of the ICD-10. Most providers, however, admitted to being insufficiently prepared for such changes, and had aired their concern on how ICD-10 can affect their revenue collection rates, claims processing, and coder productivity.

With today’s ever-changing developments aimed to provide patients a more holistic hospital experience, now is the perfect time to reflect on your current revenue cycle management and tweak and enhance the elements that need improvement.

Integrating Clinical and Financial Systems

With large-scale initiatives such as the ICD-10, it’s essential to integrate these data, since incorrect data could have an impact on reimbursement. For a smoother transition to ICD-10, it’s important to improve not only on enhancing clinical care but also on protecting cash flow by integrating these data.

Facilitating Payer and Patient Payment

Providers can take this opportunity to look for technology that can streamline critical payer and patient payment process; for instance, a technology that could automate insurance eligibility verification. This is also the perfect time to develop a tool that aims to support patient estimates and encourage conversations with patients on their responsibilities.

As Soon as Possible

Healthcare providers, regardless of their size, are advised to prepare for these changes brought by the implementation of ICD-10 as soon as they can, lest they find it difficult to comply with the new requirements laid out by these programs.

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