How Medical Billing Companies Can Ensure Business Continuity in a situation like Covid-19

The Covid19 pandemic has shaken economies around the globe. Businesses are suffering and most of them are looking for the slightest hope of survival. Limited cash flow and declined investments, a huge reduction in sales have become serious barriers in the success journey for many. Capital expenditures are high and profitability has become an ambitious and hazy dream.

The healthcare sector is the worst hit. Insurance claims and defaults have increased, billing and coding processes are burdened with a huge influx of patients, and manual processes are adding up to the errors and time drain. Losses are huge and streamlining the Revenue Cycle Management to enhance profits has become a crucial task. 

Profitability is where growth takes place.

Healthcare Providers and Billing companies that are still sailing unscathed are eyeing on new strategies and approaches that can potentially enhance their business profitability. They are focused on nurturing their employees and existing IT resources rather than laying them off or scaling their businesses down.  

Capex free deployment of tech solutions through managed services is helping them reduce their unnecessary expenditure and invest more in growing businesses.

Also, eliminating manual processes with IT infrastructure powered by automation is fuelling fast and effective revenue generation.

Capex free Deployment of Tech Solutions

IT budgets rise as businesses replace outdated technology: 44% of businesses plan to increase tech spend in 2020, up from 38% in 2019.

An increase in IT spend is innocuous to stay competitive in the technology-driven, fast-paced market. But as technology keeps evolving, the expenditure increases with the deployment of new infrastructure. In this strive towards growth and staying up-to-date, businesses keep losing money and the damage is irreversible. 

In such a situation, smart businesses prefer managed services that can help them in their operations to unmatched levels and also will incur less or no loss at all.

The formula is simple – Pay for the services till you use them, change it when you need to or just replace it when required. No fixed investment or huge capital expenditure, no burden, better business growth, and enhanced profitability. At least that’s what is required at the time when the pandemic hit healthcare sector is evolving – adapting varied new strategies and technology, and trying to bear the minimum amount of damage in terms of total expenditure and revenue.

Benefits of managed services amidst Covid19 pandemic

Managed service providers such as ExdionRCM offer unmatched cutting edge technology that can free you from your expenditure burden and also power your strive for success.

Revenue Integrity

Enhance your revenue generation process with automation by ruling out revenue leakages. Get notified on closed and pending payments, manage customers with error-free and transparent billing information, and retain customer loyalty with superior patient experience.

Revenue Cycle Management

With revenue cycle management powered by Robotic Process Automation (RPA), healthcare providers can focus on more important tasks rather than wasting their effort in time-consuming repetitive tasks related to business operations.

RPA performs routines, rule-based tasks, and transforms the entire billing process. With RPA healthcare providers can also:

  • – Eliminate task probe to human errors
  • – Review claims and denials
  • – Notify patients of pending payments
  • – Get accurate, scalable, and consistent performance
  • – Reduce revenue loss

RCM & HMS Integration

Integrate your Healthcare Management System (HMS) with a new-age Revenue Cycle Management System coupled with Artificial Intelligence and Application programming Interfaces to streamline the management of patient profiles and coding activities. This can help save cost, time, and effort.

Wrapping Up

It is evident that managing revenue with the help of scalable and reliable solutions right away is of utmost importance. But managing the expenses right and ruling out all the probabilities of incurring a huge Capex is also important. 

ExdionRCM is dedicated to assisting healthcare Providers and Billing companies in such a situation with its Capex free tech solutions and managed services. Consult with us and we’d be more than happy to offer you a trial of our solutions.

 Consult with Exdion to get the right solution for your organization