How Medical Billing Companies Can Ensure Business Continuity in a situation like Covid-19
The COVID-19 pandemic has had ripple effects on businesses across the world in multiple ways and the healthcare industry is no exception. The contagion has resulted in sky-rocketed numbers of patients seeking acute care and has disrupted seamless business continuity of the healthcare sector. Adding up, there is a huge influx in insurance claims, followed by denials and failed reimbursements and it seems like care providers are losing the battle of managing revenue cycles effectively and are bearing with a huge cash crunch. .
Hospitals in the United States alone are losing 50 Bn dollars every month while they combat the challenges posed by the COVID-19 pandemic. The scenario worldwide in the healthcare sector is much worse. Ensuring profitable business continuity while catering to surged demands is a challenge now and there is no room for care providers to avoid the situation if they wish to thrive in these trying times
Here are a few ways in which the Healthcare sector can ensure business continuity amidst COVID19:
Ensure Revenue Integrity
Managing and validating insurance documents, billing, coding procedures, and collection of revenue has been disrupted due to the dearth of the workforce and the rising demand for patient care services. Also, manual processes are consuming excessive time and energy that need to be invested in patient care more than in the verification and billing processes. Errors and glitches due to manual handling of data and information have also added to the revenue distress.
Care providers need to buckle up immediately and rule out such impediments disrupting revenue integrity if they want to thrive amidst the crisis.
Here’s what they need to do to:
- – Reduce tedious, manual processes and drive revenue
- – Charge adequately for the services they are providing to the patients
- – Carry out documentation and verifications processes with efficacy
- – Rule out errors in billing and coding processes
- – Bring in transparency in the billing process
- – Effectively Collect Patient Dues after Insurance Claims
- – Enhance overall patient experience
If done right, healthcare providers can eliminate revenue leakages, collect payments without glitches, improve the overall patient experience, and thus ensure unaltered business continuity.
Redefine Revenue Cycle Management
The deadly pandemic has disrupted the ways in which the revenue support services manage and perform their tasks. Implementing and executing a plethora of Insurance-related Services, maintaining the pending bills of patients, and following up for payments have become impossible with manually handled data, legacy claim management procedures, and social distancing norms in place.
The need of the hour is to revamp the revenue cycle management system in place to ensure business continuity in the healthcare sector. This is how it can be done:
A few capabilities of Eligibility and Verification Bots are:
- – Eliminating tasks prone to human error
- – Freeing staffs prone to high-value work
- – Monitoring claims 24/7/365 and rule out process delays
- – Efficiently identifying claims that don’t meet requirements
- – Reviewing claims in a timely manner to avoid denials
- – Saving time, effort and cost in RCM
Working with such precision isn’t a cakewalk. Establishing such a precise and error-free RCM requires the incorporation of reliable technology that can leverage productivity, manage patients and their needs, and keep the revenue flow unaltered.
Here’s an article that entails
The Way Forward
Revaluating strategies to ensure business continuity is crucial. Integrating scalable and robust new-age solutions powered by AI can rule out manual processes, errors, save time, and cost.
Exdion with its range of solutions provides end-to-end automation of revenue processes and caters to all the above-mentioned needs. We endeavor to offer solutions that can ensure business continuity at unmatched levels amidst the unprecedented COVID-19 pandemic. Find out more about our solutions.
Reach out to Exdion if your Medical Billing experts are looking for automation to off-load tedious tasks. Exdion’s cutting-edge technology can make operations simpler in these trying time.