Small healthcare providers are working on outdated technology workflows and need an improvement to maximize healthcare cashflow. The old way increases the time to create and process claims, which has a direct effect on revenue. As an independent healthcare provider, having payors reimburse correctly and on time is critical to cash flow. Proper technology workflows and tools greatly increase the chances of this happening. Finding a technology partner to review and implement these technologies in your workflows can usually pay for itself in less than six months!
Three areas in the provider workflow to maximize healthcare cashflow
Consider your forms filled about by hand, such as claim forms and patient intakes. Start by removing paper from the provider workflow. At a minimum, paper digitization needs to start as early as possible in the workflow. We understand that many providers are still handing their encounter notes to a scribe, but this can be eliminated with minimal training.
Manual updates to spreadsheets
Manually updating and then submitting claims via spreadsheets consume time and cause errors. Utilization of Robotic Process Automation (RPA) and AI removes much of the manual work in the claims process. The upfront investment to get this in place has one of the highest returns of all technology modernization efforts and will directly maximize healthcare cashflow.
Similar to #2 above, reporting should be automated and on-demand. RPA can go out to all your payor portals, pull information, collect, and then report on it in PowerBI in real time. A real-time provider dashboard can include your patient demos, pay rates/reimbursement mix, and utilization metrics. Reporting is key to creating a real-time insights into the health of your practice and will maximize healthcare cashflow.
Increasing working capital, reducing billing errors, and having real-time insight into your claims are all possible with the right technology partner guiding you. As an independent provider it is critical to improve your workflows to maintain profitability and insight into your business.