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The Growing Importance of RCM

Posted by eClinicalWorks on 3/25/21 5:20 PM

Healthcare today is a mix of payment models, third-party payers, complex regulations, and codes. A practice’s survival depends upon getting the finances right. As getting paid appropriately and accurately for rendering medical services has grown more complex, so too has the importance of having an effective Revenue Cycle Management solution.

Unrealized savings opportunities

The 2020 CAQH Index® report shows that automated services are the key to cost savings in the healthcare industry. By automating service transactions, the medical and dental industries combined have avoided spending more than $122 billion annually, an increase of 19% from last year.

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These results stem from an overall increase in the number of electronic transactions that take place throughout the year.

Still, practices as a whole are either not yet fully electronic or are unable to put to full use the depth and financial safeguards that a sophisticated RCM solution can offer.

An industry-leading RCM solution

eClinicalWorks® remains one of the few healthcare IT companies that offers customers a choice of Revenue Cycle Management as a product or a service.

Our account managers understand that erroneous, incomplete, or suboptimal coding can seriously impact a practice’s financial performance and thus seek to understand each practice’s business, operational, and financial needs.

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Through eClinicalWorks’ products, practices can access intelligent automated solutions and gain full visibility of their finances. As a result, they are able to approach RCM challenges in a preventive and proactive manner.

Getting the RCM details right

At eClinicalWorks, we’re proud of our industry-leading 98%+ first-pass acceptance rate, a critical factor in helping practices reduce their accounts receivable and improve collections. But we understand that the changes in healthcare go beyond rapidly growing volume and complexity.

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Today, there is a patient-centered approach to every aspect of healthcare, including pressure from consumers for greater choice in how and where they receive care, knowing what insurance will cover, and how much they will pay for a given procedure.

That means that providers of all kinds need tools to improve transparency in their pricing and services.

Expanding to meet customers’ needs

At eClinicalWorks, our solution for ambulatory practices continues to grow in utility and sophistication. Our service team is expanding further into the retail side of our RCM business, helping customers make optimal use of our products.

We are also strengthening our vendor partnerships, with more clearinghouses, and a stronger system of alerts and appeals to ensure efficiency throughout the revenue cycle.

The RCM team now provides an evaluation of financial health for every retail customer — and each of their sites — to recommend how our products or service consultations could improve their bottom line.

For more information on how eClinicalWorks can meet your RCM needs, visit our RCM website to schedule a demo or call us at (508) 836-2700.

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Topics: RCM, Electronic Health Records, revenue cycle management, revenue cycle management healthcare, data conversion

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