Healthcare process improvement is one of the integral drivers of transforming the quality of care while lowering costs. These processes comprise hospital admissions, discharge and billing, emergency department operations, patient transfers to different facilities, medication administration, patient flow, and more. Increasing the efficiency of these processes is therefore paramount to increasing profitability.
Increase returns in Patient Payment Portals.
While this seems like a daunting undertaking, health systems can leverage machine learning and predictive models to improve patient flow for different departments throughout the organization. For financial patient engagement platforms, Credence Global Solutions has developed iConnect. iConnect’s features provide patients a self-service platform to review and pay their bills with flexibility and financing. By tailoring the patient experience to the user, iConnect improves patient satisfaction, and the organization can gain real-time insights.
The dynamic analytics included in iConnect’s features reduce patient AR and maximize collections. The program provides real-time insights and custom reports so that revenue can be easily tracked. Providers can then easily recognize what channels are working and which treatment strategies are resulting in collections and maximizing returns on copays.
Improve the upfront procedures and policies with a solid patient registration process.
The largest savings opportunities for health plans, according to CAQH Health Index, is eligibility and benefit verifications; this accounts for over $4.3 billion in potential cost savings. Electronic batch eligibility verification systems can offer a single solution to a time-consuming task for staff. Streamlining registration and patient processing can eliminate correcting for errors that occur later down the road.
Patients often don’t understand their financial obligations and responsibilities to the practice or the provider and are reluctant to take responsibility for the remaining portion. With most patients having high deductibles, co-insurances, and copays, it is imperative to implement patient awareness of financial responsibilities. iConnect can help by offering a simplified breakdown of patient responsibility. This patient-centric approach allows for ease of collection and provider analysis.
Follow patient care from beginning to end through streamlined online programs.
Once patient eligibility and verification have been completed, an online patient account can be created. With iConnect, this can be completed with just a few simple clicks, patients can be verified and can make full payments, partial payments, or select from approved payment plans in seconds. Individualized patient engagement means maximized results.
The use of effective denial management through coding audits will increase cash flow.
Denial management is a great cost savings to practice. While co-pays, audits, and scrutiny of claims are increasing, the denial process can disrupt the profitability and financial well-being of healthcare providers. The average denial rates of a healthcare practice are 5-10%. Better performers average around 4%. What this means is that for some practices, one out of every five medical claims must be reworked or appealed. The average denial or appeal costs approximately $25 per claim. By effective analysis and prioritization of denial claims, these denial claims can be prevented.
iConnect by Credence Global Solutions is an incredible tool for effectively addressing these areas. Get distraction-free patient engagement, contact our team at Credence Global Solutions today and turn your intimidating billing situation into an interactive one!
Request a Demo at https://credencegs.com/iconnect/ Today!