Mr. Yates shared the following tip with Becker’s Hospital Review.
“If you analyze your representatives’ activity, you will find certain functions that inherently waste time. Imagine how much time is wasted manually navigating the payer’s IVR [Interactive Voice Response], then waiting on hold to get a representative to check the status of a claim. What if you could eliminate that wasted time and only have your staff wait a couple minutes before a representative from the insurance company becomes available? This is possible — with the right technology, you can save 25 percent of your representatives’ time each month. While this is only one function to consider, it’s a big one. A 25 percent increase in productivity has a huge impact, allowing you to extend your resources and collect more revenue with less effort.”
Read more about automation and the revenue cycle here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the “RCM tip of the day” series.
More articles on healthcare finance:
Ascension’s net income more than triples to $1.8B
Sen. Grassley: Tax-exempt hospitals shouldn’t need ‘herculean oversight’ to meet charitable obligations
California hospital’s reporting errors cause Medicare to overpay 173 other facilities
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
