"Providers see challenges with vendor proliferation and an increase in tech stack complexity poor EMR integration with existing tech stacks as some of the top pain points with their existing tech stacks, further illustrating the unique challenge of the current environment, causing healthcare organizations to refocus on proven, "all-in-one" platforms.”
2022 Healthcare Provider IT Report: Post-Pandemic Investment Priorities
Today’s healthcare professionals face traditional point-solution technologies for billing tasks, such as claims processing, denial management, and patient payments. However, as Bain & Company notes in their latest Healthcare Provider IT Report, the “tech stack” of poorly integrated software solutions is driving many organizations to refocus on “all-in-one" systems. Introducing mainstream access to artificial intelligence (AI), machine learning, and automation technologies is empowering such administrative teams to implement innovative, all-in-one IT platforms that are revolutionizing their workflows. In this blog, learn how your organization can benefit from one, seamless revenue cycle management (RCM) platform.
Seamless Workflow
Implementing one single platform streamlines operations from pre- or point-of-service to zero-balance – for the patient and associated providers. Not only does it provide more accurate and consistent record-keeping, but the transition to one platform creates customizable, real-time reporting, making data easier to analyze, understand, and base business decisions from. Additionally, improved communication between providers and patients is possible on one centralized platform, helping with coordinating care, expediting services, and processing insurance/payments. Automation further simplifies matters; with fewer manual processes, accuracy increases while potential discrepancies lower, resulting in greater trust in both provider-patient relationships as well as financial transactions.
ImagineOne™ is built for billing teams that want a single platform for all revenue cycle management operations, starting at pre- or point-of-service through to zero balance, from one solution vendor. Learn more here.
Enhanced User Experience & Security
Many organizations find that over the years, they have accumulated a wide range of software products to help address various stages of the revenue cycle or assist in staying up-to-date with ongoing healthcare regulation changes. Many of these technologies could have been selected and implemented by predecessors who are no longer with the company, leaving behind settings that are unclear and multiple workarounds, wasting time for your staff. It is also often difficult for IT leaders to manage updates and ensure all products are secure while keeping your patient data protected and compliant with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), especially when they are having to work with different contacts from multiple vendors. By simplifying tech stacks into a single-source billing and RCM management system, organizations can ensure that their revenue management is easier to maintain while avoiding costly interfaces and associated upkeep.
Transparency
Not only does a single vendor provide transparency across an entire enterprise, but it also simplifies tech stacks into a single-source billing and RCM management system. Organizations can ensure that their revenue management is easy to maintain while avoiding costly interfaces and associated upkeep. This guarantees more consistent services between departments and providers while offering much-needed consistency in results due to fewer misunderstandings. Groups that choose to consolidate their technologies with a single provider can see cost savings almost immediately, as well as organizational and personnel efficiencies in the long run.
Vendor Relationship
When selecting vendors, especially ones designed to grow revenue, many organizations fail to take into account the most important aspect – the vendor relationship. Developing relationships with developers, technology experts, and account representatives is essential for enhancing functionality, learning from the latest software updates, and even being a part of beta testing for new features. Single-source billing and RCM vendors also provide a more streamlined training process for new team members, helping combat the ever-growing staffing challenge across the healthcare industry.
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In conclusion, transitioning to one vendor for healthcare revenue cycle optimization can be a great way to maximize efficiency and increase transparency across your organization. Automating medical billing and payment processing streamlines processes with a single vendor partner and can save time and money in the long run. If you are looking for ways to optimize your healthcare organization’s RCM costs, a single-source integrated platform may be the perfect solution. Contact us today if you need help implementing this cost-saving strategy into your operations!