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The Future of Healthcare: Cerner’s Next Steps With Revenue Cycle Management Technology

Healthcare is an industry that has been evolving for decades, and the next few years are shaping up to be especially fruitful. The future of healthcare will depend on how quickly hospitals can implement new technologies designed to streamline processes, reduce costs, and help them become more efficient organizations. Cerner is one company at the forefront of this movement with their revenue cycle management technology.

1) Providers are responsible for collecting patient’s health insurance information at the time of registration, but this often fails to account for changing plan networks or new coverage terms that may be unfamiliar to front desk staff members. These inaccuracies can result in underpayment or overpayment by payers which results in lost revenue opportunities due to inaccurate claims filing.

2) A lack of timely billing also impacts cash flow as providers wait until they have collected all necessary documents before submitting a claim resulting in financial impact on the provider organization.

3) Additionally, some systems require manual entry of patient demographics which is highly prone to human error and increases processing times. Manual entry of patient demographics requires data entry from multiple sources, reducing the accuracy of this information.

5) The lack of information results in the inability to capture all charges which limits provider’s ability to accurately bill.

6) The solution is automated claims adjudication and electronic billing software that integrates with existing EMRs, practice management systems (PMS), and revenue cycle management solutions without making changes to front desk workflows. Integration between these various technologies ensures an organization has accurate patient demographic data which reduces underpayments or overpayments due to inaccuracies on either side of claim submissions as well as increases overall revenue by reducing administrative burdens related to filing claims while improving cash flow through effective coordination between physicians, payers, and patients.

7) This enables providers organizations improve their bottom line impact by increasing efficiency across operations from registration for services through reimbursement collection.

8) In fact, hospitals that have implemented EMRs and RCM solutions have seen a 22% reduction in A/R days which has resulted in an average of $20-30 million additional revenue per year. h) With the ability to collect 100 percent of patient demographic information at registration, organizations can reduce manual data entry or use third party services for accurate status updates on payer remittance documents – resulting in improved cash flow due to reduced accounts receivable while also improving accuracy related to claim submissions.

9) By reducing the amount of time it takes providers complete administrative tasks through automation, they are able to devote more time towards value added activities throughout their organization such as clinical care while increasing overall productivity.

10) The ability to integrate billing and insurance information into software will provide accurate billing data.

11) Implementing RCM has helped many providers improve efficiency across operations from patient registration through reimbursement collection which allows a provider’s bottom line positive impact by reducing administrative burdens related to filing claims while increasing their overall revenue.

12) RCM also helps protect the revenue cycle by decreasing reliance on manual workflows which leads to improved accuracy in claim submissions.

13) Because technology is also evolving, healthcare providers are able to use intelligent data analytics tools that can identify billing errors and improve overall reimbursement rates by helping prevent fraud or other issues related to claims submission.

14) Additionally, because of advances in telemedicine technologies such as live video chat with a medical professional, patients are now more interested than ever before about seeing what their condition looks like at home through remote viewing applications. This creates an opportunity for direct primary care clinics that have partnered with physicians allowing them to provide health services without requiring patients visit brick-and-mortar offices – often being reimbursed via value based models rather than fee for service.

15) Not only does Revenue Cycle Management technology help reduce costs by automating processes but also has helped many organizations improve accuracy related to claim submissions which helps increase revenue for healthcare provider’s bottom line impact by improving cash flow due to reduced accounts receivable and increases overall productivity.

16) Since implementing RCM solutions in 2012, Cerner reports that its clients have experienced an average reduction in A/R days (average over $20 million additional revenue per year).

17) With fee-for-service payment models continuing to decline, pressure is being placed on healthcare providers to better manage their revenue cycle.

18) Although the ultimate goal is to improve quality for patients and reduce costs across the board, many organizations have already seen bottom line benefits by implementing Revenue Cycle Management technology into EMR systems which enables providers offices improve overall productivity while reducing administrative burdens related to filing claims.

19) The RCM industry has grown considerably over the last several years in response to greater reliance upon value-based payment models – incentivizing hospitals and other healthcare facilities throughout North America looking towards automation solutions.

20) RCM solutions help reduce administrative burdens related to filing claims, increase overall productivity while improving cash flow due to reduced accounts receivable and increases overall revenue for healthcare providers’ bottom line impact by improving quality of patient care and reducing costs across the board.

21) With fee-for-service payment models continuing to decline, pressure is being placed upon healthcare providers throughout North America looking towards automation solutions such as telemedicine technologies that provide patients with increased access outside of brick-and-mortar facilities – often incentivized through value based payments rather than traditional fee for service reimbursement methods.

22) This ultimately helps improve quality of care for patients while reducing costs across the board.

23) RCM solutions help organizations automate processes and allow providers to devote time towards value added activities such as clinical care instead of administrative tasks, which increases overall productivity throughout their organization.

24) While many healthcare systems have been reluctant in adopting new technologies, revenue cycle management technology has had a positive effect on EMRs within these organizations – helping reduce administrative burdens related to filing claims with increased accuracy at the same time improving cash flow due to reduced accounts receivable and increasing bottom line impact by improving quality of patient care and reducing costs across the board.

25) The RCM industry has grown considerably over the last several years in response to greater reliance upon value-based payment models – incentivizing hospitals and other healthcare facilities throughout North America to adopt automation solutions.

26) RCM technology also helps organizations automate processes which allows providers to devote time towards value added activities such as clinical care instead of administrative tasks, improving overall productivity throughout their organization while at the same time helping reduce administrative burdens related to filing claims with increased accuracy resulting in improved cash flow due to reduced accounts receivable and increasing bottom line impact by improving quality of patient care and reducing costs across the board.

27) RCM technology has had a positive effect on Electronic Medical Records (EMRs), allowing for improvements within these organizations including decreased reliance upon manual workflows leading to greater levels of accuracy when submitting claims – ultimately impacting an organization’s bottom line.

28) As fee for service payment models continue to decline pressure is being placed upon healthcare providers looking towards automation solutions that provide patients with increased access outside of brick-and-mortar facilities – often incentivized through value based payments rather than traditional fee for service reimbursement methods.

Conclusion : Cerner’s revenue cycle management technology is a game changer for the healthcare industry. With an eye towards innovation and efficiency, they are leading the way in bringing new technologies to bear on this crucial area of medical care. This blog post has given you insight into how Cerner is making huge strides with their latest offerings that will have far-reaching implications across all aspects of health information management. If your organization would like more information about what these next steps could mean for you, contact us today!

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Written by Mansoor Akbar

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