Executing an effective revenue cycle management strategy is critical to the long-term financial health of your ambulatory surgery center. However, it can be a challenge to keep pace with the ever-changing nature of the RCM landscape. Managing the nuances involved in all aspects of the revenue cycle, from initial visit to final follow-up, requires constant problem-solving. We’ve taken stock of a few of the myths we hear most frequently when making decisions about RCM optimization for ASCs.
Myth #1: Automation is a Silver Bullet for ASC Revenue Cycle Management
Revenue cycle management has become more automated in the past couple of decades, starting with the introduction of electronic medical records in the early 2000s. By introducing efficiencies, optimizing cash flow, and bolstering financial transparency, automation brings several benefits to ASCs.
Streamlined billing and claims submission increases timely reimbursements. Faster payment posting and automated patient follow-ups and reminders help with cash flow. Automated identification of denials and underpayments helps proactively address issues, and enhanced reporting helps teams predict trends. When performing at its fullest potential, the data provided by automation gives teams the power to make informed strategic financial decisions.
However, despite its many advantages, automation is not a silver bullet for RCM challenges.
FACT: Automation is Only 1 Side of the RCM Coin
If not employed strategically, automation may not work effectively. For example, automation needs to be tailored to each center, and the best way to do that is by leveraging partnerships across teams to understand what works well, and what needs improvement. It’s also critical to thoroughly review RCM processes with your team before introducing new technology so that the technology can be employed in a way that best addresses underlying issues. An RCM partner like in2itive can look inside your center’s existing systems to identify and understand how automation will best support your unique workflows, and then help develop a strategic path forward.
Myth #2: RCM Technology Can Replace Staff
There’s an ASC billing and collections myth that automation and RCM technology replaces staff. But the reality is that many billing offices are understaffed, and posting payments, submitting claims, and sending follow ups all take valuable time.
FACT: RCM Technology Enables Teams to Perform at Their Highest Potential
Rather than replacing staff, ASCs that use tech-enhanced RCM actually free up valuable staff time by automating the most cumbersome and time-intensive manual tasks. Leveraging RCM technology to perform tasks such as identifying and fixing errors, accelerating billing and claims processing, and providing extensive reports actually empowers teams to uplevel centers to new heights of superior patient care. For example, rather than spending hours double-checking insurance information or performing manual data entry, a billing team member can instead focus on a task that only a human mind can tackle best, such as walking a patient through a complex billing question or coming up with a personalized payment plan.
We at in2itive believe that automation is only one side of the coin for a high-performing ASC, and any center looking to adopt a new RCM solution should equally consider how that technology can help prioritize the human touch.
Myth #3: RCM Optimization is One-and-Done
There is often a particular reason for bringing in an RCM partner at a given time, such as getting to the root of a recurring coding error or improving cash flow. Therefore, after the issue has been resolved, we’ve accomplished what we’ve set out to, correct?
False.
FACT: RCM Requires Ongoing Evaluation and Adaptation
RCM optimization isn’t a one-time event. It requires ongoing evaluation and adaptation due to the evolving nature of healthcare regulations, payer requirements, and patient needs. Every ASC experiences ebbs and flows and an effective RCM partner stays with you for the long haul through times of prosperity and times of scarcity to tweak and refine systems as the environment changes. It’s also important to have a partner who can continually assess new tools in the context of your center’s unique environment to help keep pace with the industry.
Confidently MoveForward with Tailored RCM Solutions
By understanding what’s a myth and what’s a fact when it comes to optimizing revenue cycle management, you can make more confident decisions when charting a course for your ambulatory surgery center.
As an accomplished ASC revenue cycle management partner, in2itive specializes in helping facilities like yours come up with a tailored strategy for using every tool at your disposal, closing the gaps, and maximizing revenue growth.
Want to learn more about improving your revenue cycle performance? Talk to our team today.
