RCM tip of the day: Know where your claims are at any given time
Revenue cycle management relies on transparent, real-time updates to any changes made to a claim as it travels through the billing process. Blockchain technology, a permanent log of online transactions or exchanges, is one method that can be used to help accomplish this.
Emily Vaughn, head of accounts at blockchain platform provider Gem: There needs to be increased transparency into what the status of a claim is so companies can act on the most relevant, verified information available. So if the parties expect this claim to go through more review because it's a complicated reimbursement, then they can act with full assurance on the status of the claim at any given point, knowing the other parties have the same information. It's really about having the right information about how to manage your revenue cycle based on where all of your claims are at any given time.
To learn more about the importance and future of blockchain in RCM, access this story from Becker's Hospital Review.
If you would like to share your RCM best practices, please email Kelly Gooch at firstname.lastname@example.org to be featured in the "RCM tip of the day" series.
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