Advanced Revenue Cycle Analytics: An Overview
You know how dependent your practice is on having an efficient coding staff. In today’s post-Meaningful Use world, a good team of coders is essential to ensuring you get the most out of your revenue cycle. Entering charges fully and correctly the first time is crucial to getting paid your full reimbursement.
But when you allow something as critical as your revenue cycle depend so much on people, you better have a solid backup plan. You need to protect the process you are using to code the charges specific to your practice, and technology can be a powerful tool to making your coding staff more productive and more accurate.
Automating your coding tool protects from human error
Your coders and billers are wonderful, intelligent people on whom you depend. They are familiar with the charges that your practice needs to key in, and they know when those charges need to be entered. They know which doctors are more likely to make an error, and during what kind of encounter that will most likely happen. Basically, your coders know what it takes to allow your practice to run.
Yet despite all this, they are human. Although they can be wonderfully accurate, the truth is that technology has the ability to be more accurate simply because it does not have a fallible brain.
If you had the ability to automate your coding process and prevent human error, why wouldn’t you? Technology gives you the power to automate this process and cater it to the needs of your specific practice.
Preserve coding knowledge specific to your practice
Technology can also be used to store knowledge that is currently only kept inside the brain of your coder. Your coder may be very efficient. S/he is also very familiar with the specific codes and requirements that your practice regularly encounters. But if they leave, that information goes with them.
You don’t want the cash flow of your practice to take a hit every time a good coder decides to retire. Technology can store that information and retain it over time. You have the ability to back up the valuable information that is specific to your practice. Protect that information from the threat of time and turnover.
Spread coding knowledge to your entire team
Finally, the efficiency of your coders can be highly variable from person to person. Why are some coders more accurate than others? They may be more familiar with the practice and the type of codes that you regularly use.
If you backup their coding knowledge through technology, then that information can be spread throughout your entire coding team. Efficiency and accuracy can be maximized.
Take advantage of the technology that is available to your practice. Increase the accuracy of all your coders, and protect your coding process from charge entry errors. Use technology to improve your overall revenue cycle outcomes, and allow your practice to thrive.
Want to learn more tips for your charge entry strategy? Click to view our on-demand webinar on the Top 5 Secrets to a Successful Charge Entry Strategy.