Advanced Revenue Cycle Analytics: An Overview
Physician practices want to provide quality care to patients. That is the focus of everything that you do. Non-clinical, back office operations are actually imperative to reaching that goal. Patients cannot receive care if the practice doesn’t get paid. If you are stuck with manual processes, you’re wasting time and money that your practice could be saving. Those are resources that could go towards better patient care.
Automating Back Office Operations
Automation can save time and money across the administrative workflow of a practice. This includes eligibility and benefit verification, prior authorizations, claim submissions, claim status inquiry, and claim payment. According to the 2018 CAQH Index, if all elements of the workflow were automated, it could save physician practices up to $27.31 per single patient encounter. It also saves you time. Physician practices could save up to 30 minutes per patient by automating their administrative tasks.
1. Eligibility & Benefit Verification
- Automation ROI: $2.60 per encounter
2. Prior Authorization
- Automation ROI: $3.81 per encounter
3. Claim Submission
- Automation ROI: $0.92 per encounter
4. Claim Status Inquiry
- Automation ROI: $5.23 per encounter
5. Claim Payment
- Automation ROI: $0.24 per encounter
Automate Your Practice with White Plume
Automating your medical coding process can save your practice thousands of dollars and hours of time. The first step is to use automation to implement an exception-only coding workflow. Automation allows your coders to only review those claims that have errors. They do not need to manually review every encounter. This type of automation will increase the accuracy of your claims while saving your coding staff precious time.
We also use advanced revenue cycle analytics to find more automation opportunities. We can automate routine coding processes so that your coding staff spends even less time manually entering charges or making changes.
By automating charge entry, we save 10 provider practices 10+ hours a day. Our products also save practices $10,000 per provider per year. Find out what automating with White Plume could save your practice.