When it comes to businesses, efficiency is key in maximizing revenue, reducing expenses, and keeping customers or patients happy, especially in a healthcare setting. For laboratories, data automation can impact the entire financial journey for patients and facilities alike. As the billing cycle within a laboratory is complex and interactive, it is imperative that there is less room for error to ensure timely results.
What is Data Automation?
Data automation can help handle coding, billings, accounts receivable, and data sharing tasks. It allows you to focus your efforts on patient care and quality outcomes. By utilizing data automation in a laboratory setting, your organization can work to avoid issues such as missing or inaccurate data, and insurance and financial information, which can slow the RCM.
Data automation with your RCM reduces manual accounts receivable processes, improving billing and account setup efficiency. This technology works to create advanced work lists for staff which can be categorized into cash collections methods, denial codes, dates of service, and a variety of others. By cutting down time spent on manual processes, staff can focus more on their patient care and outcomes than RCM.
Data Automation in Revenue Cycle Management
Revenue cycle management is critical to healthcare organizations but can be tough to master. The process of ensuring your providers are paid for their services while also providing top-notch care to patients is constantly changing in the modern world. In accounts receivable (AR), the average time for claims to be paid can all depend on the volume of those claims when done manually. Lowering this time will allow organizations to increase their volume and better serve their patients, increasing patient satisfaction.
To improve efficiency in the AR process, certain factors need to be addressed and solved, such as:
- Claim filing delays
- Incorrect coding
- Data entry errors
- Increased claim rejections
- Incorrect posting process
These factors can be combated by automating your RCM and ensuring that repetitive processes and data entry are not left to manual error.
While data automation can be daunting to many businesses, as it involves restructuring departments and processes, it makes a big difference in the outcomes of your patient experience. One way to tackle these challenges is to outsource your laboratory services and take the burden off your organization.
By teaming up with experienced and supportive teams, you can be sure that your revenue efforts are in good hands, ensuring that you will yield the greatest benefit from utilizing them. At Credence Global Solutions, we are here to offer you top-of-the-line service with our highly experienced laboratory teams all across the country. With our RCM, lab optimization, post-write-off services, and lab management support, you can have peace of mind that your organization is in the right hands.
Contact us today to learn more about how we can transform your business.