A recent report by Advisory Board has found that hospitals are losing up to $22 million in revenue a year because they do not have effective and accurate revenue cycle management (RCM) in place. Advisory Board reported that although hospitals have enjoyed higher profits recently, the focus they have placed on the cost of RCM instead of improving RCM performance has caused them to miss out on millions of additional revenue they could earn.
Although hospitals may believe that spending less on RCM will earn higher revenue, taking the time to improve their RCM process can lead to them earning top-quartile revenue in four key areas:
- Denial write-offs
- Bad debt
- Cost to collect
- Contract yield
Hospitals that work to create a better patient financial experience can get ahead in these four areas.
As simple as this may sound, a large reason that hospitals miss out on so much revenue is due to human error while submitting patient claims to insurance providers. Before a claim is submitted, if the healthcare provider selects the wrong ICD-10 code for treatment given, the insurance provider may deny the claim, which is crucial revenue that the hospital misses out on.
Accurate Medical Coding and Billing Are Essential
Even though small clerical errors such as a few denied claims might not seem significant, too many of them begin to add up and subtract from a provider’s revenue. Accurate medical coding and billing practices will reduce the amount of denied claims and will ensure your hospital receives the quickest reimbursement possible, which will in turn generate more revenue.
With the potential to earn much more annual revenue hospitals should not take the task of improving their RCM lightly. They must partner with the most effective healthcare support service provider that will help them meet and exceed their revenue goals with accurate medical coding. ECLAT Health Solutions can help your hospital improve its medical coding and billing practices with our accurate and efficient medical coding services!
The ECLAT Difference
ECLAT Health Solutions provides coding, billing, and auditing services to healthcare services across the U.S.! Our unrelenting dedication to helping you meet your revenue goals, our highly trained team of medical coders, and wide range of healthcare support services is second nature.
We make quality our top priority, and can guarantee 95% or higher accuracy in all our coding work. We never stop working to save you money, with our 24-hour turnaround and additional holiday and weekend coverage available upon request. Our satisfied client list includes hospitals large and small, surgery centers, physician offices, IPAs, and many more. Our comprehensive services are streamlined and well-tested, so you can be sure your hospital is in good hands with ECLAT. We have a passion for earning you as much revenue as possible.
Don’t end up missing out on up to $22 million in revenue! Learn more about how we can help your hospital save millions by calling us at (703) 665-4499 or filling out our contact form!