Role of OASIS Services and Revenue Cycle in a Healthcare System ========================================== All home health care agencies utilize a data collection tool known as Outcome and Information Assessment Set (OASIS) in order to collect and report assessment data. OASIS Services are meant to ensure the needs of the patients are properly fulfilled. They are operated to make sure all the information related to a home healthcare patient’s health and functional status is collected accurately.
In a healthcare organization, another indispensable data is related to revenue cycle which plays a broad function driven by how you negotiate your payer contracts. Recently, the cost responsibility has shifted from the payer to the patient through high deductible healthcare plans. This is further combined with
value based reimbursements to indicate how healthcare providers perform negotiations these days. Therefore, a contract is the most essential part of revenue cycle management that consist of accounts receivable, denials management, patient estimates and collection.
However, it is essential for all healthcare providers to understand how their reimbursement strategies in revenue cycles are affected by a contract. For this purpose, you might want to consider hiring a vendor who specializes in evaluating revenue as per your organization’s specific needs. But before selecting the right vendor, you must keep the below mentioned considerable facts in check:Management of Accounts Receivable (A/R) An accurate payer contractual reimbursement, also known as an allowable, is the starting point of a payer negotiation process. This ensures all payers are paying correctly and completely. This accuracy is becoming more and more
significant with an increase in the number of growing patients in the healthcare organization’s revenue cycle. Hence, you need to find a vendor who can help you in managing payer performance, understand patient liability and guide you in negotiating more efficiently in the future. Management of Contracts This is usually done using two options that healthcare providers use to manage their payer contracts which are Traditional EMR and Cloud-Based RCM. Traditional EMR is used by most healthcare organizations as a healthcare information system that electronically records an individual’s health related information for further use by authorized clinicians and staff. These EMR systems can efficiently create and track patient records but fail to manage finances and A/R and hence, Cloud Based RCM is used for the same purpose. Cloud Based RCM offers easy access to data from virtually anywhere with an internet connection. This enables high functionality allowing business critical analytics to be accessed from any device using an internet connection. RCM systems can manage all aspects of the revenue cycle. Ensured Return on Investment In order to determine the performance of RCM system, it is necessary to know the return on investment that the vendor
can provide to your organization. As RCM system is a huge investment, you have all the rights to hold your revenue cycle software vendor completely accountable providing a positive ROI. Quality of Service You should expect a number of services from your vendor that must include level of customer support, a dedicated account manager and resolving software related issues. CRM ticketing system is the most frequently used system by most vendors these days. Therefore, you can consider above mentioned factors in order to search the Best Revenue Cycle Management Companies to ensure smooth operations within your organization along with finding a capable OASIS Services provider.
Source: https://www.24article.com/role-of-a-structured-regulatorycompliance-consulting-program.html