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CFO CORNER: AUTOMATED RCM ENHANCES REVENUE - AND JOB SATISFACTION How often do Chief Financial Officers come across technology designed not only to streamline a specific operational function – but to increase their job satisfaction as well? After 25 years in the business, I can say with confidence that it doesn’t happen often. But that’s a benefit you’ll realize after implementing Navicure’s automated revenue cycle management (RCM) solutions. Our solutions offer responsive, advanced reporting functionality that frees up hours of time that you can then devote to the more fulfilling aspects of your job – like creative problem solving and strategic decision-making. CFOs are routinely inundated with requests for reports. Healthcare leaders often need historical data compiled on a moment’s notice, accompanied by insightful analysis that they can then use to help determine future directions. It’s quite a challenge to meet these dual objectives of “quick turnaround” and “quality information.” Navicure can provide the analysis that is required to help you meet these demands. For instance, practice leadership is often concerned about liquidity and requires frequent updates relative to cash received by provider, unpaid claims, write-offs, outstanding balances, etc. With Navicure’s dashboard reporting functionality, this information is immediately available for authorized practice personnel. Productivity is another area that generates requests for reports and analysis. Recognizing that patient visits translate into practice assets, leadership may want to monitor the flow of patients seen by each provider. Our solution will generate a scorecard that provides pre-adjudication claims data presented in a highly accessible format. Similarly, financial management may want to examine various accounting activities to ensure individual staff members are following up on rejected or denied claims in a timely manner to enhance cash flow and profitability. Regulatory compliance is another “time eater” CFOs often battle. Healthcare is a complex environment, and you’re pressed to remain current on accounting, taxation, privacy, coding compliance and other regulations. Navicure removes that burden by constantly updating our rules engines to ensure all processes are compliant with the latest regulations. Perhaps you’ve already enjoyed similar benefits through the use of Navicure solutions. If so, we’d love to hear about it. In fact, that is the purpose of this column - to give you a forum to share RCM success stories with your peers. Please feel free to contact us at 877-Navicure if you are interested in submitting your story for an upcoming issue of Navicure News.
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