Hospital employees are overworked. From manual billing processes to repetitive data entry, administrative expenses are an ongoing burden. In addition, skilled employees are forced to spend valuable hours completing repetitive tasks. To solve these problems, many hospitals are leveraging the power of workflow automation software.
According to a study published by GE Healthcare, “To compete in today’s healthcare environment, organizations need to make sure their financial operations are running efficiently.” Revenue cycle workflow automation is key to optimizing these efficiencies. Automation helps healthcare facilities better utilize their resources and minimize expenses to save time and boost productivity.
The Benefits of Healthcare Revenue Cycle Workflow Automation
The revenue cycle affects every aspect of healthcare–from the moment a patient schedules an appointment to when the facility receives final payment for services rendered. This far-reaching impact makes automation a valuable investment.
Healthcare revenue cycle workflow automation streamlines segments of the revenue cycle. This includes automating tasks like insurance eligibility verification, submitting and monitoring claims, and collecting payments. Rather than complete these tasks manually, rule sets are put in place to automate these processes.
Boost Efficiency, Save Time, and Increase Revenue With Automation
Manual hospital billings, payment postings, and adjustments are incredibly time-consuming. Completing these tasks manually can delay posting and collections. The current time constraints and demands on IT personnel make it nearly impossible to optimize this workflow; teams need tools to streamline operations.
Consider St. Peter’s Health Partners. The IT Department at St. Peter’s saw the need to implement workflows and systems to improve accuracy and increase personnel efficiency. When the St. Peter’s team implemented a Dashboard™ for real-time process monitoring, the team gained insight and control, along with the ability to validate processes. Workflow automation software lets the St. Peter’s Health team monitor scripts across multiple machines, view schedules, and proactively detect problems.
Or look at Catholic Health in Buffalo, NY. This facility uses EMUE™ to automate processes that previously were done manually or not done at all due to full-time equivalent (FTE) overhead. EMUE™ now coordinates the workload of more than 4 FTEs. The Catholic Health team recognizes the power of workflow automation and uses it to save time, money, and resources.
Here are five ways automation can boost efficiency at your healthcare facility:
Use shorter and faster scripts. Your IT department spends significant time building scripts to check eligibility and claims status. With workflow automation software, your team can streamline large volumes of predictable and repeatable tasks. Users can define business rules and integrate other systems to improve business performance.
Monitor scripts. Whether you have scripts running across multiple machines, or many scripts running on a single machine, your IT team may lack the control and validation they want. Automation software can help keep track of things, while proactively detecting and minimizing problems.
Automate data entry. Automated data entry improves interoperability, making data more accessible across machines. By streamlining data entry, facilities can eliminate human error to minimize data entry mistakes.
Verify insurance and patient data. Inaccurate data entry can delay posting and collections. Verification tools help improve payment of claims. Services like reCover, verify and discover patient demographic and insurance information prior to a patient’s visit.
Identify and correct claims. By automating the identification of dirty claims, hospital teams can resolve problems and prevent payment rejection. In turn, this can reduce the facility’s claims denial rate.
These technologies make hospitals more efficient by reducing the amount of employee hours spent doing repetitive tasks. Imagine a hospital with $100 million in revenue. If the facility can improve its collection rate by 1%, it can save $1 million—enough funding to support a new capital project. Hospitals can achieve significant savings by automating repetitive processes.
The Bottom Line
By automating and streamlining revenue cycle workflow processes, hospitals can not only save time and boost employee efficiency, they can increase revenue. Automation exists to liberate hospitals, administrators, and IT managers from financial pressures and issues that result from overburdened personnel. This technology let’s healthcare facilities experience more efficient operations and increased revenue.
Databound Healthcare Solutions automates and streamlines hospital revenue management tasks and business processes to give our customers more efficient operations and increased revenue. Visit our website to learn more.