How biometrics can help maximize hospital cash flow

Duplicate medical records in healthcare pose a direct threat to patient safety — but they can also wreak havoc with a provider's revenue cycle, according to RightPatient Healthcare Director Jeremy Floyd.

Duplicate records often lead to medical reporting inaccuracies, delayed claims payments or claims denials due to the use of incorrect patient names or identifiers. Duplicates can also cause repeat testing, which insurance companies will not reimburse for.

Regarding the inverse relationship between duplicate medical records and revenue cycle management, the Healthcare Financial Management Association wrote, "Lowering the duplicated patient record rate increases revenue cycle efficiency by improving the accuracy of information used to submit claims, collect payments and provide care."

Duplicate record creation occurs most often during the patient registration process, according to the article. Biometric authentication technologies can remove the possibility of duplicate records and reduce the risk of healthcare identity fraud, thereby improving patient security and provider revenue workflows.

The global market for healthcare biometrics in 2019 to is predicted to reach $5.9 billion, according to a study by Transparency Market Research.

More articles on revenue cycle management: 

AGS RCM firm recognized amongst top 50 most promising tech solution providers
New report uses RCM analytics to answer big industry questions
Improving revenue cycle with data analysis and transparency

© Copyright ASC COMMUNICATIONS 2018. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months