Revenue management challenges for the family medicine sector and how to solve them
The Covid19 pandemic has wreaked havoc across the globe. The impact it had on mankind and the world economy, at large is severe. People worldwide are facing the effects of the pandemic, stuck at home under lockdown. One of the very few of the industries that seem to thrive amidst the pandemic is the healthcare sector.
But what seems to be a glittery truth from outside, may not be the reality. Along with the other dooming industries, a part of the healthcare sector is also struggling to stay afloat amidst the new normal.
Family Medicine Practices are facing unprecedented challenges in terms of revenue and the players in the sector are living in shadows with no clarity of how the post-pandemic times will welcome them.
Here is an article on the 3 challenges faced by Family Medicine Practitioners amidst the Covid19 pandemic. The article will provide deep insights on the effects and solutions for the same.
A steep uphill battle for the family medicine due to the upsurge of patient footfalls
The number of coronavirus cases worldwide has crossed 15 million and the hospitals across the globe have been transformed to provide Covid care to patients.
This raises a question as to where should the people suffering from other diseases and chronic issues visit? The answer is simple, leaving the acute care centers aside, people are left with the only choice to visit family care centers.
Thus the increase in numbers of patients in the family medicine care centers is giving rise to issues as follow:
- Inability to manage the huge number of patients and their details
- Ensure proper communication between the management and the medical care givers
- Inability to track patients and their data
- Loopholes in the billing and coding processes due to manual work
- Dearth of professionals to manually deal with the several revenue management processes with accuracy
- Hampered patient experience due to over burdened management teams
- Delays in payment collections
- Inability to stock medical equipment and tools as per patient needs
- Not being able to prepare for the situation due to the lack of analytical data
- Lack of knowledge in the insurance space and inability to cater to the customer needs
- Inaccurate management of claim processes
- Failure to stay updated with the continuous insurance policy changes
- Inability to track payments and address payment failures
The list is never ending! The issues are quite detrimental to the endeavours with regards to revenue generation and profitability. Family Medicine caregivers are losing money everyday and they need to buckle up immediately to revamp their revenue generation.
The Solution and how ExdionRCM can be a game changer for the family medicine sector
ExdionRCM, with its cutting edge solutions powered by Artificial Intelligence and Robotic Process Automation empowers family medicine centers to enhance revenue cycle management by enhancing coding automation efforts.
The solution helps management teams stay updated with insights and business centric data to make informed decisions and plan the course of revenue management. ExdionRCM rules out the need of manual processes thus reducing errors in billing and coding. As patient information and insurance claim management gets easier, collections of due bills and overall patient experience is augmented effortlessly with these new age solutions.
A few crucial benefits of using ExdionRCM solutions are as follow:
- Standardized workflow
- Reduced manual processes and error-prone systems
- Work completed 24/7/365, improving the payer and patient experience
- Revenue maximization with reduced possibility of unpaid accounts receivable
- Automated, highly scalable technology without high expenditures or complex integrations
- Standardized Medical Coding Processes
- Accurate checks for patient billing
ExdionRCM enjoys a superior edge over other revenue management platforms owing to it being a specialized, automated Clinical Documentation Integrity.
ExdionCA being a cutting edge automated CDI platform possesses unmatched capability to fuel business specific goals and enhance customer satisfaction. Its rule based engine powered by automation flags any gap in the billing and coding process, empowering providers to track and maximize reimbursements.
A few benefits of ExdionCA especially for the acute care centre are as follow:
- Enhances provider accuracy
- Reduces manual labourers are rules out errors
- Helps identify, under-billed services, over billed services, denied coded services, services