Advanced Revenue Cycle Analytics: An Overview
Technology allows us to manage our business more efficiently than ever before. We have so much information at our fingertips, and we have the power to automate tasks that used to be manual. Managing your revenue cycle should be easier than ever before, but that’s not always the case.
With so many different software vendors out there, it can be hard to distinguish between them. If you are dissatisfied with your current charge capture and claim scrubbing software, or if you’re not sure you are getting as much out of it as you should, keep reading. These are the 3 telltale signs you should upgrade your revenue cycle software.
3 Signs You Should Upgrade Your Revenue Cycle Software
1. Lack of insight into your revenue cycle
For managers, one of the number one benefits of revenue cycle software is the insight it can provide into your revenue cycle. In order to use it well, you need to be able to track improvement opportunities. Technology is only as powerful as its users – meaning that powerful technology can’t help you if you aren’t using it well.
The only way to know how well you are using your revenue cycle software is to track your processes with revenue cycle analytics. If you are unable to view the productivity of your coding staff, what coding changes you are making most often, or how long it is taking your staff to process encounters, you may need new revenue cycle software.
2. Unable to build custom rules
Many claim scrubbers are not good enough. With industry rules changing all the time, the edits should be updated on a quarterly basis at a minimum. But what about those changes that are specific to your practice? Are you able to go in and add edits that apply to your practice, or do you have to submit a request to an outside vendor? If you cannot build custom rules based on the needs of your practice, you need to upgrade your revenue cycle software.
3. Minimal automation allowed
There are some coding changes that your coding staff makes every single time without question. When these situations exist, there is an opportunity to automate. That is the beauty of technology. Processes that used to be manual can be completely automated and save time for your staff.
Does your revenue cycle software allow you to automate routine coding changes? If not, you are missing out on huge time savings opportunities, and you need to upgrade your revenue cycle software.
Good RCM Software Qualities
Now that you know what the warning signs are, the next step is to identify what makes revenue cycle software worth the money. There are 3 factors that you should look for.
1. It Saves You Time
This is obvious, yet it needs to be stated. The point of technology is that you no longer have to do everything manually. It should save you time. As every practice manager knows, time is money. Revenue cycle workloads are continually increasing, and there is limited staff time to go around.
At White Plume, we operate on a standard of exception-only coding. Exception-only coding is when coding staff only stops to review encounters that need changes. This is the only way to glean time-savings from your revenue cycle software. With the power of technology, coding staff only needs to spend time on the encounters that have coding errors. All the other encounters can go straight through to the PM system.
Sometimes, the lack of time-savings is not because your software isn’t capable; it’s because your coding staff has a bad habit of reviewing every single encounter. While their reasoning behind it is good – they want to make sure that every encounter is complete and accurate – it is a waste of time. Coding staff needs to trust the technology to catch mistakes and build a new habit of exception-only coding.
2. It Ensures Accurate and Complete Claims
Again, this is an obvious but important point. The ultimate goal of revenue cycle software is to make sure that you get paid. The only way to get paid is to submit accurate and complete claims out the door.
3. It Provides Analytics to Measure Performance
Like we mentioned before, analytics are a crucial part of good revenue cycle software. Technology is only as powerful as its users. Without analytics, you have no way to track how well you are using the software and opportunities to make improvements.
Not only does good revenue cycle software provide you with analytics, but the best software vendors will interpret that data for you. Numbers mean nothing without the right interpretation. At White Plume, we do quarterly analytics reviews with many of our clients to share our advice, insights, and best practices. We want clients to achieve the revenue cycle outcomes they are looking for. One of the key ways we partner with them to achieve those outcomes is through analytics reviews.
Improving Your Revenue Cycle
In order to improve your revenue cycle, you need a software vendor who is willing to partner with you to achieve outcomes. Whether it’s capturing charges more efficiently, reducing your denial rate, improving the productivity of your coding staff, or all of the above, White Plume will come alongside you to make those goals a reality. Our work with hundreds of clients across specialties and practices has made us experts in the industry, and we want to pass our expertise onto you.
Get a free revenue cycle analysis to see how much you could save with White Plume.