Imagine Blog

Jenna Tropea

Jenna Tropea

As a long-time writer and content marketer, Jenna Tropea covers a wide range of topics from patient engagement to healthcare policy and regulations. Jenna received her MBA from Clemson University and currently serves as Online Marketing Strategist to ImagineSoftware. 

You can contact Jenna via email at jtropea@imagineteam.com

Website URL:

PPMC - Making the Move from Manual to Automated Medical Billing



It's automation month at ImagineSoftware!  We're focusing on the role automation plays in providing health organizations with better staff efficiency, medical billing and patient collections.  What better way to kick it off than with PAPER, and lots of it.  At least that’s what ImagineSoftware client Physicians Professional Management Corp (PPMC) experienced prior to automating their medical billing process.

Claims Management solutions that grow revenue without the manual workload.
btnLearnMore orange


The Paper Problem: Manual Medical Billing 
PPMC specializes in medical billing and physician practice management, billing for specialties ranging from radiology to pathology, office-based, anesthesia and more.  Mariya Hebert, IT Manager at PPMC, shared her past experiences with manual medical billing during last year’s ImagineSoftware Client Conference.  “Some of the challenges we faced with our last software vendor was lack of automation.  Everything was manual – no electronic remits, no electronic claims files.  Everything was paper, paper, paper.” 

Time is Money
Did you know that nearly a third of providers in the US are still using manual claims processes?  Considering that providers spend anywhere between 10 and 30 minutes per claim on manual tasks like phone calls, faxing and mail, imagine the money and time lost.  To put it into perspective, one study showed that medical providers could save at least 1.1 million labor hours per week by transitioning to fully electronic transactions.

Medical Billing Efficiency by Automation
Mariya also spoke about the efficiencies that PPMC gained once the medical billing company left their former software vendor.  “Using Imagine, we have been able to provide our clients with electronic charges, electronic demos and different conversion methods.  We send out claims electronically and we receive payments electronically for the bulk of our payors.  We also receive a lot of our patient payments electronically versus before when we didn’t have that option.  We’ve gained a lot of efficiencies.”

As we've mentioned in a previous blog post, implementing automated tasks within the medical billing workflow can save time for billing managers and medical billing to reallocate to patients. “We do a lot of automation with the ImagineAppliance to take care of our A/R staff claims,” Hebert said, “so there are fewer people needing to touch things manually.”

To learn more about PPMC and their experience with ImagineSoftware, watch the video above and check out our claims management solutions
Read more...

3 Reasons You Should Visit the ImagineSoftware Booth at RSNA 2018

It's almost here!  The Radiological Society of North America (RSNA) 2018 Annual Meeting is less than 2 weeks away, and the Imagine Team is ready to take on the Windy City!  We're looking forward to getting some hands-on experience with the industry's latest cutting-edge technology, diving into sessions and seeing a friendly face or two!  More than anything, we're thrilled to share our knowledge and experience with radiology organizations who want to explore new and innovative ways to make their revenue cycle more efficient.  Are you planning to attend?  Here are 3 reasons you should visit our booth! 

The Artificial Intelligence
Artificial Intelligence (AI) is definitely a hot topic this year.  There are tons of sessions, educational courses and it even has its own theater!  AI means something different to everyone, and the idea of implementing it into a business model still seems out of reach for many.  This showcase will allow radiology professionals to see it for themselves and determine how it can realistically fit into their business.  ImagineAI™ - ImagineSoftware's artificial intelligence model - can be categorized under perhaps the most practical use of AI in radiology: revenue cycle automation.  ImagineAI™ automates coverage verification and the process behind obtaining patient payments through three major steps - charge capture, patient billing and patient follow-up.  Implementing ImagineAI™ into your collection efforts will help you determine where to expend resources to cut costs and staff workload.  You can learn more about it at our booth! 

The Goodies!
All that tradeshow walking will undoubtedly work up an appetite.  We're giving away free samples from the Garrett Popcorn Shop, a local Chicago favorite since 1949!  While you eat, you can enter our booth drawing to win a $500 Amex gift card.  Also, you can schedule an in-person meeting (before or during the show) or view a demo while you're there to win a slim wireless charging pad!

The Sessions
In today's healthcare landscape, it's more difficult than ever for providers to be accurately reimbursed, until now.  Our driving theme in 2018 has been and continues to be reImagine Billing.  At RSNA, we want you to reImagine everything you know about radiology billing and discover solutions that will solve even your most challenging revenue cycle obstacles.  To help you get started, we're hosting a series of informal, 15-minute sessions focused on exploring the RCM challenges that today's radiology organizations face.  You're invited to attend these sessions from Monday, November 26 through Wednesday, November 28:

Part I: Artificial Intelligence & Revenue - Presented at 10:30 AM and 2:30 PM CST
Explore intuitive AI solutions that learn and adjust over time to take the guesswork out of patient collections.  See how artificial intelligence can determine additional insurance coverage and rate a patient's payment ability while also examining the newest tools available to improve the patient payment process, including utilizing an online payment portal and providing affordable financing plans, to make sure your organization is truly maximizing all possible revenue streams to get you paid faster. 

Part II: Automation & Results - Presented at 12:30 PM & 4:30 PM CST
The role automation plays in the billing and revenue cycle management process is crucial in helping your organization increase efficiency and decrease costs.  Learn how smart technology has evolved to highly automate rules-based processes and daily tasks, freeing up human resources to focus on denial management and collections, plus gain greater insight into the role business intelligence and reporting plays for tracking the metrtics needed to showcase your success. 

You can visit us at Booth #6131 North Hall at RSNA. Schedule time to meet with the team in person here
Read more...

5 Revenue Cycle KPIs Every CFO Should Track Right Now

From ImagineSoftware's article 5 revenue cycle KPIs every CFO should track right now published by Becker's Hospital Review 

The shift to value-based care and patient financial responsibility is putting more pressure on providers to focus on the efficiency of their billing processes. Key Performance Indicators (KPIs) will help you both understand the strengths and weaknesses of your business and identify areas for improvement. Here are five KPIs every CFO should be tracking right now to efficiently allocate resources and improve revenue cycle workflows. 

Total Charge Lag
This KPI is calculated by subtracting the date of service by CPT code and total number of CPT unit of service codes billed from the total number of days from revenue recognition date. It measures your charge capture workflow efficiency and identifies cash delay. Seven days is typically the threshold for performance and anything past thirty days is a major red flag. Holding charges can delay payment and potentially be lost to capture. A high charge lag can be caused by unclear or missing documentation and coding inefficiency. In terms of process improvement, consider reporting your charges by both physician and service. This will give you the ability to identify and close gaps between services delivered and any corresponding backlogs. Also, consider your staff productivity. Regular training or even outsourced coding can improve coding efficiency. 

Continue reading the entire post here
Read more...

3 Ways Medical Billing Artificial Intelligence Can Improve Patient Collections

There are a million ways patient billing can go wrong. Maybe a patient doesn’t understand their insurance coverage, or the demographic information that the provider has on file is incorrect. 73% of providers report that it takes one month or longer to obtain patient payments, and too often, those payments go to bad debt. What can providers do to combat payment challenges for better reimbursement? A unique and new approach in the healthcare industry is improving patient collections through artificial intelligence, or AI. Here are 3 ways artificial intelligence can improve the entire patient billing system and cut collection costs.

Reinventing the patient payment process with AI.
#sinceyoureimaginebilling
btnLearnMore orange

Pre-Visit
The first stage of a patient’s appointment begins before they see a physician or specialist. Each unique visit should be validated by staff under the patient billing system – the patient’s demographic information and insurance eligibility should be determined upfront. But what happens when that information is inaccurate? Poor management of claims can become detrimental to the health and sustainability of a practice. Artificial intelligence for medical billing, like ImagineAI™, can validate when a patient is eligible for primary insurance listed on the visit and/or your list of top payors before the claim is sent to insurance. Once you receive the positive eligibility response, the AI solution will add a note to the visit with the patient’s identified payment information. If the tool identifies that a patient is not eligible, it will run an identification verification check for the patient and will return the patient’s current demographic and/or insurance data.

Billing
How much money does your practice spend on patient statements? Consider the cost of paper, printing, postage and labor hours put into patient billing. Once the cost of sending out multiple statements to one patient is factored in, it’s possible that your practice is spending $5 to collect $15. There are more efficient and effective ways to cut collection costs and streamline statements. AI can calculate and assign patient grades based on a patient’s past and current financial status to prevent you from sending multiple statements to patients who are unable to pay their bills. The tool will perform a current and historical financial check for the patient, then return one of the four single letter grades that represents the patient’s likelihood to pay their bill: A, B, C, or D.

Follow-Up

If the tool returns a patient grade of D, it will run a Financial Aid check for the patient. This is useful in determining whether you should expend resources following up on patients with a low grade. If a patient with a grade of D doesn’t make a payment, the AI solution will update the patient's grade to E prior to the second statement being sent. This will prompt your patient billing system to stop sending any additional statements to the patient, will write off any existing charges for the patient, and will place any new charges that come into the system on hold. This means that you can re-target your resources towards patients who are proven to regularly pay for their medical bills.

Now that patient responsibility is at an all-time high, providers should look to solutions that will simplify the billing process in a way that saves staff time and cuts costs. Implementing AI into your daily workflow may sound intimidating, but it's something that is certainly attainable and a great way to increase revenue.

 

Read more...
Subscribe to this RSS feed

If you enjoyed this post, you'll love our email updates!

Receive content on industry topics, upcoming webinars, current healthcare trends, and more!