The average 350-bed hospital misses $22 million in revenue capture opportunities. Perhaps that’s because 69 percent of hospitals and health systems use more than one vendor for revenue cycle management (RCM).
The resulting patchwork of RCM technologies and best practices leads to inefficiencies, an increased cost to collect, and an increase in claim denials when compared to hospitals and healthy systems that have a more centralized CRM solution.
The larger the health system, the more pronounced these issues become — and the more difficult it becomes for the whole system to improve the bottom line.
A case in point? Ascension Health, the largest non-profit health system in the country.
Ascension Health, with its 151 hospitals across 21 states and Washington DC, recently faced a disturbing trend: increasing costs and deteriorating patient experience. Lack of RCM standardization was identified as a root cause.
Most hospitals would love to upgrade their RCM, of course. Lack of capital is often cited as the obstacle, as most available capital is invested in clinical technology.
According to Andrew Gwin, Ascension’s Senior Regional Director of Revenue Cycle, the key was finding “an end-to-end revenue cycle management vendor that not only provides a high-quality suite of technology, but also acts as a true partner.”
Ascension Health’s end-to-end RCM solution provided tools for charge capture, charge reconciliation, front-end patient access, coding, and even financial services, medical billing, and patient collections.
As opposed to consultants that come in and give marching orders, end-to-end RCM vendors work with hospitals and health systems in a spirit of partnership whereby both vendor and hospital are incentivized to improve performance.
MedCom Solutions provides a unique combination of clinical expertise and proprietary technology to help medical service providers meet rapidly escalating and changing medical billing demands.
Our Chargemaster, Pricing, and Compliance solutions have yielded hundreds of millions in net revenue for healthcare providers across the country.
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