Top 3 ways to manage revenue leakages in the healthcare sector during Covid19

By: exdionrcm

Top 3 ways to manage revenue

3 Effective Solutions For Urgent Care Centers During Covid-19

The rush in the healthcare industry is overwhelming. The frontline warriors of the Covid19 pandemic are showing the world how to fight when a crisis hits. Praises pouring on the healthcare system, appreciations and best wishes are powering the industry to perform more efficiently.

That said, it is important to throw light on the several factors that are posing challenges to the workings of a seamless healthcare system. As much as the world sees the amount of money being charged by medical professionals for their care and services, the healthcare sector is losing on revenue. As surprising as this seems, this will soon create a ripple effect on care providers if not addressed right away!

The executives responsible for managing the revenue flow in the sector should buckle up and look for every clue to have a clear understanding of revenue leakage passages. These passages need to be shut and the revenue stream must be channelized in a way to keep the sector profitable.

Here is an attempt to help the healthcare sector understand and be aware of the most common revenue leakage streams and how to address them right away.

Denials in medical billing

The upsurge in patients visiting the healthcare providers have led to a significant rise in medical insurance claim denials and rejections. The changing policies of the insurance agencies, shifting government regulations, etc., have further added to the claim denial rise. 

Healthcare providers need to keep a close eye on the billing process and make sure that the claim documents are up to date and meet government regulations. The documents provided must be legit, and the patient must be eligible for the claim. They must stay on top of every claim and make sure that no revenue is lost.

Not addressing the denials can act as a huge obstacle affecting medical reimbursements.

Also Read: Common Coding, Billing Issues and Solutions in Healthcare

Inconsistent follow-up activity on accounts

Most healthcare providers rely on manual processes to follow-up on payments. These processes can be cumbersome and ineffective, more so with the increasing number of footfalls in recent times. Inefficient follow-ups give rise to distorted billing and coding and thus leak revenue. 

Healthcare providers need to consider effective ways to carry out their follow-up activities and technology driven by automation is the most reliable way out.

Read: RPA in Medical Billing – 3 BOTs You Can Build Right Away! 

Poor communication among departments 

It is crucial to establish a streamlined communication channel among all the players involved in patient care and assistance. Breaking the siloed work culture and establishing transparency in patient care stand pivotal in stopping revenue leakages. 

The paperwork must flow correctly and the patient must be charged for every minute service provided to them. This calls for a robust system that would help everyone stay on the same page and establish compliance in billing and coding. This lays significance on investing in tech systems that will help medical care centers to automate billing and coding with ease.

Staying apprised of changes across the revenue spectrum — from patient to payer to provider — will help hospitals maintain transparency and understand cash flow throughout the crisis. Read

How ExdionCA helps stop every revenue leakage 

ExdionCA is an advanced revenue integrity solution especially designed by experts with unmatched expertise in the arena to increase revenue and confirm compliance.

The revolutionary solution powered by AI and Machine Learning is built on a proprietary rule-based engine that automatically raises alarms in case of any glitch or discrepancy in billing and coding. It stops revenue leakage by keeping the management aware of every detail and validating them in real time. 

ExdionCA helps healthcare providers stay liquid and profitable with the value it ads as follow:

  • Increases revenue integrity
  • Improves provider accuracy
  • Standardizes care across the practice
  • Reduces manual labor and billing errors
  • Reduces denials and claim resubmission
  • Captures missed charges
  • Confirms compliance

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