Technology & Your Revenue Cycle

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2 Min

The Out-of-Network VS. In-Network world in healthcare is changing
Source: Wakefield
April 19, 2024

Manual processes slowing you down?

Nowadays you must implement technology to assist in managing your revenue cycle. In this digital age, it’s a non-negotiable, and here’s why:

Manual processes = human error = missing opportunities = deteriorating bottom line.

Technology & Your Revenue Cycle

We love people, but…

we don’t want them making all the decisions when it comes to managing Revenue Cycle. Don’t get us wrong, most people can make fantastic decisions, and do so all the time. We have great people that work here, and at our clients’ organizations. We would trust these people with many things, and if needed to make a handful of important decisions, we would probably choose them over a computer. However, if we’re talking about hundreds or thousands of decisions each month, big or small, that all have an effect on the bottom line, we’ll trust technology every time.

Technology alone is not enough

It’s not as easy as just purchasing the technology and declaring the problem is fixed. It takes those great people we talked about earlier to setup the rules and process to really drive the value out of any technology. In addition, there will always be some tweaks, edits, or maintenance that must be performed on any technology, so again the people are vital to any effort. Technology should not be thought of as a way to eliminate the need for people or process, the goal is to use technology to enhance the current workflow or process that will improve the outcome in some measurable way.

Choosing the right place for technology

Technology for technology’s sake doesn’t do you any good. We enjoy cool new toys and gadgets as much as the next person, but unless it makes a measurable difference on your results, then it is not worth doing. When I speak about results, it could be cash collections, or timeliness, or even patient satisfaction, the key is that the technology makes something measurably better than it was without the technology.

How to choose the right place

Before thinking about implementing any technology solutions, you must ensure you have clear processes in place. Only then can you review your current state to identify holes, weakness, backlogs in your current system or process and find ways to fix them. List out each process and then take a look at the manual components that are not driving any value. Items that must be done, but don’t actually produce results. Think of items like data entry, creating/exporting work lists, finding any work.

Implementing & Tracking

Once you have found the right place and the right technology to enhance your current process you need to implement it and track the results. First be very clear in the stated goals of the technology, think of the problem you are trying to address or solve. Next ensure all staff and IT understand the problem and the solution. Finally, you must track the results. Ideally you would want to compare the current state to the new and improved state. Then don’t be hesitant to make tweaks to what you have implanted. Things can always be improved, and that’s the goal of implementing technology in the first place.