Healthcare professionals constantly work to ensure the safety of their patients. The business side of the industry can achieve a similar safeguard with respect to a company’s bottom line by using data entry software, such as Foxtrot RPA®, to improve their many important billing processes.
According to PMI, up to 80 percent of all medical insurance claims include mistakes totaling an estimated $68 billion, and approximately 55 percent of evaluation and management claims contain incorrect coding, resulting in $6.7 billion in inaccurate Medicare payments. Those big numbers may be hard to fathom, but it means real revenue pain for medical practices and other healthcare organizations. It also can mean regulatory fines and penalties; stricter screening measures resulted in 17,000 providers losing their license to bill Medicare, according to The Economist.
Additionally, CNBC reported that medical billing errors can loom large:
- 7.1 percent of paid claims (American Medical Association 2013)
- 49 percent of Medicare claims (NerdWallet 2014)
- 75 or 80 percent (groups such as Medical Billing Advocates of America and CoPatient)
Surgical Strike at Billing Blunders
A natural and justified reaction to these major business consequences is for healthcare organizations to increase the training of the administrative staff handling account maintenance, report generation, third-party workflow integration, claims adjudication and other billing tasks. However, this is an area in which doctors aren’t experts and adds another expense outside of the core mission of providing quality patient care.
As any business expert knows, the longer an error persists, the more costly it becomes. In such a vital business unit within a mission-critical industry, there is no substitute for ensuring your healthcare billing efforts are fast and accurate. As a result, many physicians, healthcare organizations and providers are looking to implement data entry software that not only provides the best of both worlds, but also easily acts as an interface between the many systems used within the industry.
By connecting disparate systems such as electronic healthcare record (EHR) platforms, physicians can eliminate manual errors like incorrect code claims to ensure they’re cutting costs while increasing efficiency. It’s not enough to hire good people; you also have to put them in a place to succeed. In short, a successful healthcare organization is one where employees and tools are doing the things they do well. Data entry software does that and more. Its economy, range and ease of use also make it highly adoptable and applicable.
As you can read in our white paper, “RPA Accelerates Healthcare Collections & Revenue Cycle Management,” an acute-care hospital in Georgia saved almost 1,250 hours in healthcare revenue cycle management since implementing data entry software, which generated a cost savings estimate of $80 per position, per week for the medical center.
Healthcare organizations can use data entry software for that much-needed boost with regard to billing accuracy and efficiency. The benefit is always sooner versus later as Foxtrot RPA brings vital speed and other advantages to the critical process, while allowing an organization’s human resources to focus on more rewarding and revenue-producing tasks.
For more information about how Foxtrot RPA can help healthcare organizations reduce cost and improve efficiency, download our white paper, “RPA Accelerates Healthcare Collections & Revenue Cycle Management.”
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