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FROM OUR PARTNERS: RCM SOLUTIONS CAPTURE VALUABLE DATA TO IMPROVE FINANCIAL PERFORMANCE By Libby Moore, Vice President, HealthMatics Implementations, AllScripts, LLC Most practices would agree that they have access to an overabundance of information these days, and that it’s a challenge to identify what’s really valuable within these vast quantities. Today’s revenue cycle management (RCM) solutions are proving to be powerful tools as practices seek to capture, sort and analyze information that might be vital to the health of their bottom line. RCM is the latest advance in electronic data interchange (EDI) technology – representing great progress from the days of dial-up claims processing and early clearinghouses. Web-based RCM takes claims management and related activities to an entirely new level by streamlining each step of the revenue cycle. Even more valuable than this day-to-day functionality is the analysis available to practices through RCM. These solutions capture valuable trending data and make it easily available to practices. Not long ago, information about claims and reimbursement were buried deep within piles of reports generated by the clearinghouse. Electronic RCM status updates and activity logs make relevant and actionable data accessible with the click of a mouse. The time- and cost-savings are substantial. It allows practices to pinpoint common reasons for claims rejections, for instance, and identify billers that might consistently be submitting claims inappropriately. The time that, in the past, would have been spent sorting through reports can now be devoted to staff training aimed at correcting systemic errors or bottlenecks. Likewise, practices can create documents to summarize payer performance – information that may prove invaluable when contracts are renegotiated. Already, forward-thinking RCM vendors like Navicure are working to develop the capability to aggregate data across practices with similar profiles. The applications will collect claims history from various specialties and then share the information with like practices. A urology group in the Southwest, for instance, will be able to compare payer data, profitability and performance with others in the region to uncover areas for improvement. The benefits compound when the RCM is tightly integrated with an advanced practice management system (PMS). AllScripts, for instance, is working closely with Navicure to develop new functionality that will allow the RCM to write back a maximum amount of claims status information directly to its practice management system. Without question, the level of automation, efficiency and visability provided through RCM means valuable information is no longer just out of the reach. Instead, RCM captures, organizes and summarizes data that is meaningful to the practice – and places it directly in the hands of staff members who can use it to enhance revenue and strengthen the bottom line. For more information on Navicure and the valuable data it can share with your Practice Management System, please call 877-Navicure.
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