Uncover Buried Treasure Within Your Revenue Cycle
In 2014, a California couple stumbled across a partially exposed, rusty metal can. Curious, they dug it up and what they found made national headlines—the largest buried treasure ever found in U.S. history. Altogether, the couple uncovered eight cans filled with 1,400 gold pieces, valued at $10 million, all in their own backyard.
You too can uncover buried treasure worth millions—within your own revenue cycle. A critical part of financial executives’ jobs is to constantly look for opportunities to reduce unnecessary costs and augment revenue streams to maintain financial success. While there are many traditional cost-savings and revenue-boosting approaches in their playbooks, even the most seasoned executives can overlook revenue that they don’t realize has been lost in their revenue cycles—and rarely do their revenue cycle vendors provide the analysis to show how much they have lost.
When you take a step back to understand where your RCM strategy is holding you back, you’ll change the financial future of your hospital. Digging into your revenue cycle can uncover millions in buried treasure—money that you’ve already earned.
Dig into Your Data to Identify Denial Patterns
The first and most important step in growing your bottom line is identifying the denials that are bogging down your revenue cycle and chipping away at revenue. A thorough analysis of your 837/835 claims and payer remit data will identify the recurring denial patterns costing you the most.
And here’s maybe the only good thing about recurring denials—they’re predictable, which means they are also preventable. Hospitals that begin conversations with AccuReg and take us up on our offer for a complimentary “8s analysis” are more often than not, quick to learn their current RCM vendors aren’t as effective at denials prevention as they believed and as a result are losing them millions in revenue they already earned. When you don’t fully optimize the front-end, you’re more susceptible to the denials and rework that keep you from maximum revenue capture.
A Software That Adapts and Evolves to Meet Your Needs
At AccuReg, we know the traditional mid- and back-end focus on revenue cycle management doesn’t work. AccuReg’s market-leading technology suite automatically audits 100% of your patient registrations to detect preventable denials for hundreds of types of common errors in quality assurance, eligibility verification and prior authorizations.
While you may be thinking, “we already have an automated registration tool,” we challenge you to verify that it’s continually adapting and evolving to recognize the recurring issues that need immediate attention and then take action to prevent those issues from happening in the future. If it’s not, it’s just costing you more money. AccuReg Integrated Intelligence™ drives our sophisticated rules engine using predictive analytics that wrap around your entire patient registration process to identify payment risks in real time and prevent future denials. With real-time alerts, your staff will have the know-how to correct issues on the front-end, where it costs the least.
Developing the right revenue optimization strategy will help eliminate:
- Preventable front-end denials and rework
- Pre-authorization denials
- Costly appeals and collections
- Operational costs for collections
3 Ways to Capitalize on Money You’ve Already Earned
1. Denials and Rework
Preventable errors are costing hospitals billions each year. AccuReg front-end solutions protect the money you already earned by identifying and alerting your staff to the critical errors in patient data and eligibility that lead to denials. Our Patient Registration Quality Assurance provides a safety net for data entry errors, alerting your staff to any discrepancies in patient information. Our Eligibility and Benefit Verification automatically audits real-time eligibility data based on specific payer rules and analysis of historical denial patterns. Using these tools, your registrars can correct issues on the front-end, where it costs the least.
2. Patient Responsibility
One key to a healthy bottom line is collecting as close to 100% of the patient bill as possible prior to service. That’s because the further those dollars make their way through the revenue cycle, the less value they hold. Too many resources are spent on costly back-end collections and write-offs. Patient Estimation tools help you collect more money up front by giving your staff and patients access to accurate out-of-pocket cost estimations. This cost transparency allows your staff to start the financial discussions early on, improving POS collections and empowers your patients to make thoughtful and informed decisions about their care.
3. Authorizations
Typical prior authorizations are a manual, labor-intensive process, which can result in errors and denials. Not only do authorization denials cost you needless time and money, they can cause delays in service, which can frustrate your patients and damage your reputation. AccuReg’s tech-enabled Authorization Manager services identifies when authorization is needed, facilitates submission and retrieves payer authorization responses. Registrars receive real-time alerts with instructions to resolve issues and our tech-enabled services give you maximum flexibility to manage prior authorizations, as it’s tailored to fit your needs.
Optimize the Front-End of Your Revenue Cycle for Cost Savings
It’s time to think different about your revenue cycle and focus on denials prevention—not management. When you concentrate on upfront cash collections versus back-end write-offs, you break the cycle of rework and denials by ensuring quality, accurate data reaches billing.
Stop wasting time and effort correcting issues on the back-end when the solution to cost savings is on front-end optimization. To learn more about capitalizing on existing dollars to save millions, watch our webinar “Stop Revenue Loss Dead: Recover Millions You Already Earned.”