Robert Smith’s Post

Ten Tips for Effective Patient Identity Queue Management The Root Cause Taking Charge of Errors Strengthening the Bottom Line Healthcare organizations: Invest in Staff Training Prioritize Staff Resources Collaborate Across Departments Implement Robust Data Governance Enhance EHR Workflow Tools Leverage Third-Party Data Invest in Enhanced Patient Matching Tools Automate Data Matching Processes Utilize Analytics for Insights Regularly Monitor and Evaluate Processes Read more @ icd10monitor medlearn .

‼️You won't believe these 4 statistics about patient leakage. 1. Healthcare providers lose between $𝟴𝟮𝟭𝗸 𝘁𝗼 $𝟵𝟳𝟭𝗸 𝗼𝗻 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗽𝗲𝗿 𝗽𝗵𝘆𝘀𝗶𝗰𝗶𝗮𝗻 𝗽𝗲𝗿 𝘆𝗲𝗮𝗿 to leakage. 2. 35% of hospital executives identify patient leakage as driver of up to 10% of lost revenue; 24% say 𝘂𝗽 𝘁𝗼 𝟮𝟬% of revenue losses. 3. <35% of referrals result in a documented visits. 4. No-shows cost the healthcare industry $𝟭𝟱𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗽𝗲𝗿 𝘆𝗲𝗮𝗿.  If you're struggling with leakage, you're not alone. This is a top challenge for providers across the board, from large health systems to specialty clinics. With the technology landscape changing rapidly, patients' expectations for personalized care and support are higher than ever. Thankfully, there are many effective strategies to close more referrals and keep patients in-network. Want to learn more? Imperium Dynamics covered this topic in a recent webinar "Navigating Healthcare Trends: Leveraging Dynamics 365 to Tackle Referral Leakage & Improve Patient Marketing" Check it out on demand here: https://lnkd.in/gNK27Wck P.S. Sources in the comments. ✔️ #Healthcare #PatientLeakage #PatientRetention #ReferralLeakage #Microsoft #Dynamics365

Revenue Cycle Management (#RCM) is the backbone of healthcare’s business operations, encompassing everything from scheduling appointments to final payments. It ensures the financial side runs smoothly, supporting healthcare providers in delivering quality care. But RCM is not easy—managing it requires balancing complex tasks like coding, billing, payment collections, and follow-ups. Traditional #RCM systems often struggle with outdated processes and delays, which can impact cash flow and efficiency. Enter #AI-driven #RCM solutions! These advanced tools automate repetitive tasks, minimize errors, and streamline workflows. By harnessing #AI, #healthcare organizations gain better insights, lower revenue costs, and experience faster payment cycles. #AI-powered #RCM is transforming healthcare financial management, giving organizations a competitive edge. #HealthcareFinance #RevenueCycleManagement #AIDrivenSolutions #HealthcareInnovation #CooeyHealth

As a CGO in Revenue Cycle Management (RCM), driving growth and ensuring operational success in healthcare organizations is my top priority. Healthcare providers face growing challenges—scaling RCM efficiently, managing costs, optimizing revenue, and maintaining patient satisfaction. To tackle these challenges and accelerate growth, here are key strategies you should focus on: - Unlock the Power of Automation & AI - Harness Data Analytics to Boost Revenue - Create Patient-Centric Billing Practices - Foster Cross-Departmental Collaboration - Commit to Constant Innovation & Improvement Focusing on these areas not only helps you scale RCM operations but also strengthens the financial health of healthcare providers while ensuring patients are at the center of their decisions. Read More ( https://bit.ly/40HWFMe ) #HealthcareRCM #RevenueCycleManagement #HealthcareInnovation #RCMOptimization #HealthcareGrowth #AIinHealthcare #DataDrivenDecisions

As we end Q1 2024, the landscape of healthcare revenue cycle management continues to evolve, presenting both challenges and opportunities. Here's a glimpse into what the future holds: Technology Integration: With the rapid advancement of AI, machine learning, and automation, healthcare organizations are leveraging these technologies to streamline revenue cycle processes. From predictive analytics for claims management to robotic process automation for billing, the integration of technology is reshaping efficiency and accuracy. Data-Driven Insights: In 2024, data is king. Healthcare providers are harnessing the power of data analytics to gain actionable insights into revenue cycle performance. By analyzing key metrics such as days in accounts receivable and denial rates, organizations can identify trends, anticipate challenges, and optimize revenue streams. Patient-Centric Approach: The shift towards value-based care places greater emphasis on patient satisfaction and engagement. In 2024, healthcare revenue cycle management is no exception. Organizations are adopting patient-centric strategies, such as transparent billing practices and personalized financial counseling, to enhance the patient experience while ensuring financial viability. Regulatory Compliance: As healthcare regulations continue to evolve, staying compliant is paramount. In 2024, healthcare organizations are proactively adapting their revenue cycle processes to comply with changing regulations, such as HIPAA and CMS guidelines. By investing in robust compliance frameworks and ongoing staff training, organizations can mitigate risks and maintain financial integrity. Collaborative Partnerships: In an interconnected healthcare ecosystem, collaboration is key. Healthcare providers, payers, technology vendors, and revenue cycle management firms are forging strategic partnerships to drive innovation and address industry challenges collaboratively. By pooling resources and expertise, organizations can achieve mutual success in an increasingly complex landscape. In conclusion, the future of healthcare revenue cycle management in 2024 is characterized by innovation, efficiency, and collaboration. By embracing technology, leveraging data-driven insights, prioritizing patient-centricity, ensuring regulatory compliance, and fostering collaborative partnerships, organizations can navigate the evolving landscape with confidence and achieve sustainable financial health. #Healthcare #RevenueCycleManagement #Innovation #Technology #PatientExperience #Compliance #Collaboration #HealthcareIndustry #2024Trends

🚨 Outdated RCM Systems: A Hidden Drain on Healthcare Efficiency 🚨 Revenue Cycle Management (#RCM) should empower healthcare organizations to streamline operations, reduce manual tasks, and capture every dollar earned. Yet, the reality is far from ideal. A striking percentage of executives admit their current RCM tech is outdated or lacks integration with modern tools like AI. The result? Longer processing times, higher denial rates, and added strain on administrative teams. Even more concerning, over 60% of leaders report inadequate claims scrubbing and denial management, directly impacting their revenue. The consequences are clear: lost reimbursements and a cycle that continues to frustrate both providers and patients. It’s time for healthcare organizations to rethink their approach and invest in RCM solutions that meet today's demands. Embracing innovation isn't just an upgrade; it's essential for sustainability, efficiency, and financial health. #RCM #revenuecyclemanagement #medicalbilling #cooeyhealth #RPM #reimbursements #claimdenials

𝗪𝗵𝗮𝘁'𝘀 𝘁𝗿𝗶𝗴𝗴𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗿𝘂𝘀𝗵 𝗳𝗼𝗿 𝗵𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀 𝘁𝗼 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗲 𝘄𝗶𝘁𝗵𝗶𝗻 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗰𝘆𝗰𝗹𝗲 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 & 𝗽𝗮𝘁𝗶𝗲𝗻𝘁 𝗮𝗱𝗺𝗶𝗻𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻? Technology companies have historically run far away from non-standardized documents. To the dismay of the tech world, most healthcare data isn't standardized, requiring heavy manual effort to process referrals, prescriptions, lab reports, and other documents.   Regardless of the EHR a provider uses, data entry 𝗰𝗮𝗻𝗻𝗼𝘁 𝗯𝗲 𝗮𝘃𝗼𝗶𝗱𝗲𝗱. It must done manually or in an ideal world, automated.   The back-end of RCM (e.g. coding, claims submission, insurance follow-ups, etc.) is so riddled with manual work that it is often 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗲𝗱.   This is a great way to reduce costs, but it does miss the boat a bit on scalability if you're simply moving these low-IQ tasks from one set of manual hands to another set of manual hands 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 leveraging automation. What's exciting here is that there are 300+ attendees joining an upcoming healthcare automation event centered specifically around how generative AI is driving massive change to RCM & patient admin.   See full details in the comments below! #healthcare #healthcaretechnology #ehr #emr #automation

The healthcare industry faces unique #RCM challenges: 🔍 Increasing claim denials ⏱ Rising administrative burdens 📉 Shrinking profit margins The solution? Modern RCM powered by advanced tech. • #AI-driven tools for predictive analytics • #Automation for error-free claims • Integrated platforms for seamless #workflows It’s time for healthcare providers to shift from reactive to proactive #RCM strategies. Let’s reimagine revenue cycles for a sustainable future. #HealthTech #DigitalTransformation #RCM smartData Enterprises Inc.

Have you seen Medallion's 2024 State of Payer Enrollment and Credentialing Report? Today, I learned that most teams need help gathering requirements from payers or completing primary source verifications for providers. There's a very clear need for a new way of doing things. Check out the full report and see how Medallion can help below! 💡

AI has been part of our product engineering roadmap since (That is way back in 2015). When we came to the market, we realized that the market and infrastructure were not ready. Instead, it needed a more basic approach to solving their problems. And, we did.   So, we focused on product market fit and our customers' immediate needs. After a few years, we've built strong customer relationships, a deep understanding of the pain points, and a personal touch on how we turn technology into usable solutions. As a result, we've enabled our customers get their claim payments faster, reduce claim errors, and assist them in their claim disputes. That meant them making significant AR returns at a fraction of cost if they do it themselves or get the services of another. This AI-enablement is just one of the many things we're constantly adding to our technology portfolio. We have years of experience, volumes of data from our operations, and intimate understanding of a broad spectrum of challenges that our customers face. This is why our solution is not just a marketing claim but a testament to the customer's trust in our brand. #legit I'm not the type who advertise myself as I'm shy and prefers to be low-key and nonchalant. It's just my personality. But, the market, the team, and our customers deserve to know.. so I'm writing publicly this.