Medforce Blog

Helping Hospital Finance Executives Sleep at Night

RCM Tools to handle your biggest concerns

June 21, 2017

Category: General

Last fall, Connance and Porter Research teamed up to determine Hospital Finance Executive's biggest concerns and published a research study called "What Keeps Healthcare Finance Executives Up at Night?" The top three revenue cycle management priorities, in order, were: 

  1. Preventing denials and underpayments
  2. Lowering total cost to collect
  3. Resolving denials and underpayments

This research really spoke to us at Medforce, as we have worked with hospital finance teams to address these very issues through leveraging workflow automation and paperless processes. The path to success actually goes in reverse order: 

  • First, you work to determine best practices for successfully appealing denials and partial payments. 
  • Then, you use business process managmenet to implement strategic prioritization and refine processes to minimize AR labor expense. And,
  • Finally, you take advantage of having all of your data in a centralized resource to track trends over time and identify key changes needed in your intake and billing processes to prevent denials and partial payments in the future. 

We've found that a form of the 80/20 rule exists in RCM: solve your top 20 issues and it will fix 80% of your problems. And, it's actually the top 8-10 issues that will fix half of your revenue retention and cash flow issues. When all of the data is available for the manager to organize and analyze, it is really powerful. 

We've helped solve issues such as: 

  • What insurance companies do we have the biggest issues with? 
  • What codes? 
  • Are we prematurely billing? 
  • Are there documentation errors? 

And this is just the start. 

Most practice management and billing software doesn't have strong AR follow up capabilities and you can't change it. Switching costs are too high. But if you can plug your billing software into a powerful process and document management tool, you will increase visibility, control and, ultimately, your bottomline. 

Medforce products enhance your billing software to ensure you are returning as much money for as little effort as possible. To learn more about the Medforce suite of products, click here. To learn more about how Medforce can help you turn your AR team into a profit center, click here

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