HospitalsImproveRevenue byIntegratingEHR&RCM
Healthcare providers have been using electronic health records (EHRs) for years now to manage patient care, allowing for efficient communication and record-keeping for consistent, high-quality treatment.However,itisalsoimportantforhospitalstoconsiderthe relationship between their EHR and Revenue Cycle Management (RCM). Integrating these systems can improve efficiency and increase revenue opportunities, allowing healthcare providers to focusmoreonpatientcare.
Combining EHR and RCM systems creates a unified system for managing patient records and billing. By integrating EHR and RCM, vital information from the EHR like patient demographics and appointmentdetailsareseamlesslytransferredtotheRCMplatform, enablingtheRCMtogenerateclaimsforpayerswithease.Oneofthe main advantages of integrating EHR and RCM systems is the reduction of administrative burden and inefficiency. Successful integration can enhance productivity throughout the billing and revenuecycle.
Combining EHR and RCM systems creates a unified system for managing patient records and billing. By integratingEHR and RCM, vital information from the EHR like patient demographics and appointment details are seamlessly transferred to the RCMplatform,enablingtheRCMtogenerateclaimsforpayerswithease.Oneofthe main advantages of integrating EHR and RCM systems is the reduction of administrative burden and inefficiency. Successful integration can enhance productivitythroughoutthebillingandrevenuecycle.
An actual case of a hospital improving its revenue cycle efficiency through EHR-RCM integration is Advocare, a sports medicine and wellnessorganization.ByusingautomationinitsRCMprocessesand integrating its EHR with eClinicalWorks (eCW), an EHR vendor, Advocarehasachieved$1billioninpatientcollectionsinthreeyears. eCW has helped Advocare with EHR responsibilities such as scheduling patients, providing care, and documenting care, along with day-to-day RCM tasks such as claim submissions, denials, appeals,andcashcollections.
The advantages of combining EHR and RCM systems include accuratepatientandappointmentinformationretrieval,automated claim editing and submission, automated payment posting and patient billing process, clear visibility of claim status, denials, and rejections, complete insight into the billing process, and enhanced communication between payers and providers. It is important to keepinmindthatbyusingaspecificRCMplatform,youareinvesting inatoolthatconcentratesonasinglearea:ensuringreimbursement. Typically,all-in-oneplatformsdonothavethecapacitytodevelopa top-notchtoolforeveryaspectofhospitalmanagement.
ByintegratingEHRandRCMplatforms,therewillbeasmoothflowofdatabetween the clinical tool and billing system. This will decrease the probability of errors from manual data transfer, which will result in more accurate claims, and fewer rejectionsanddenials.TheRCMplatformcancreateautomatedworkflowsthatedit and correct claims based on certain rules. These capabilities will also aid in reducingerrorsinthebillingprocess,leadingtomorerevenueforthepractice.
Moreover, the integrated revenue cycle and EHR systems also save yourteamtimebyallowingaseamlessflowofpatientdemographic and appointment data between the two platforms, making it easier toverifyinsuranceorcheckclaimstatus.Ifyourbillingteamissmall oryourpracticeisbusy,havingautomatedworkflowswithintheRCM toolcanalsoreducetheadministrativeburden.Theseworkflowscan automate the process of editing claims, posting payments, and sendingpatientbillingreminders,providingyourteammoretimeto concentrateonpatientcare.
Integrating EHR and the revenue cycle management platform can have a direct impact on your practice's revenue. However, this integration will also benefit patients, which can result in higher patient retention and more referrals. Minimizing errors in the claims processmeanspatientsarelesslikelytofacefrustrationorconfusion duringthebillingprocess.Accuratecostestimatescanfosterpatient loyaltyandboostupfrontcollections.
