Manage and analyze patient financial services to speed reimbursements and maximize collections

Patient financial services is the financial heart of your organisation. Unfortunately, it is also home to a large number of repetitive (and potentially error-prone) processes. As a result, you run the risk of delays in receiving payments. Not to mention, patient satisfaction suffers as well.

Hyland Software Revenue Cycle Management (RCM) solutions help hospitals and healthcare manage the most cumbersome, process-intensive facets of the revenue cycle. With the right tools, you target those segments and processes most at risk, identify opportunities for improvement and speed reimbursements while maximizing collections.

Process EOBs quickly and accurately

Managing EOBs manually wastes time. With Hyland Software’s RCM solution, staff can easily view a scanned EOB, link the appropriate portion to the corresponding patient and encounter, post the payment and reconcile it with the patient’s financial record. To further enhance accuracy, RCM offers automated indexing and OCR features that enable data to flow to the appropriate system and record seamlessly.

Automate payment posting

RCM also provides you with the opportunity to post payments quickly and efficiently. BY integrating with your billing system, RCM helps you apply transactions directly to the appropriate patient account. Staff key manually from captured paper transactions, while EDI transactions post automatically. Enhanced data validation helps heighten accuracy, and reconciliation reporting allows you to track relevant payment information throughout the entire process.

Easily reconcile bank deposits

An effectively managed revenue cycle transcends the four walls of your organisation. Other organisations play vital roles, banking institutions chief among them. RCM provides you with end-to-end reconciliation from the bank deposits to the application of payments to the host billing system. You choose to capture information manually through data entry of bank receipts or integrate fully with your bank through a daily import of the cash receipts files.

Manage denials efficiently

Denials represent a potential stumbling block when it comes to a smooth revenue cycle.
RCM’s denial management solution captures denial and defects in the system and uses automated workflow to route denials for automated correspondence generation or follow up. More important, RCM provides you with the analytical tools to identify the root causes behind the most costly denials, measure denial patterns and trends, and locate areas for improvement in the business process.
 

Comprehensive data analytics and reporting improve processes

RCM’s data analytics capabilities, however, go beyond those related to denials management. Comprehensive reporting and analytical tools to help hospitals and healthcare organisations analyze financial data and information. As a result, you analyze trends and identify opportunities for process improvement. Using a point-and-click interface, you can also build and generate reports easily, without the need to involve your IT staff.

Ease compliance and auditing concerns

At any time, auditors may come knocking at your door. RCM’s audit compliance helps you manage every facet of the audit process, including the automatic calculation of requests, follow-up and appeals deadlines, alleviating the opportunity for human error. RCM provides users an easy-to-read, dashboard view that clearly shows information regarding the audits for which they are responsible, along with the time remaining to complete their assigned tasks. People know exactly what they should be doing at any given time, helping ensure a streamlined, well-managed process – backed by a complete audit trail.