Between sequestration going into effect last Friday and the constant talk of cuts to Medicare, this year’s HIMSS has a more explicit focus on increasing revenue than in years’ past. With traditional revenue streams bringing in less money, many healthcare organizations are being forced to look at new ways to bring in money.
Many of these increasing or new revenue streams will be enabled by technology. While always important, how a technology can bring in more revenue will be even more important in IT decisions. Enterprise content management (ECM) is one tool that can help you bring in the extra revenue you need to keep giving patients the best care around. Here’s just three of the many ways ECM helps increase revenue:
1. See more patients in less time.Without ECM, more than 25 percent of patient information is often left out of the EMR. Clinicians must go search in other applications or through paper folders to find the complete patient picture. When you use ECM to integrate this missing information into the EMR, clinicians can spend more of their time with patients and less time looking for information. Ultimately, they see more patients in the same amount of time while still keeping the personal touch patients need, increasing revenue.
“Because of the time we save with ECM, we have access to the information we need to treat more women with more information in less time, allowing us to provide better care and see more clients.”
– Nomonde Ngada, provincial manager, mothers2mothers
2. Turn your ROI process into a profit center. By using ECM to automate the release of information (ROI) process, many healthcare organizations now make a profit on the requests. ECM automatically gathers the appropriate documents and creates the ROI packet for printing or sharing via a secure electronic portal.
3. Shorten the revenue cycle by decreasing days in accounts receivable. In today’s world of consolidated business offices, multiple billing systems serve various hospitals and physicians practices within a single parent organization. Often, each facility works within its own silo with unique definitions, data standards and processes. This lack of standardized central business office procedures can affect a health system’s revenue. A strong ECM solution standardizes payment processing, reconciliation and denials management functions across all hospitals and clinics. This decreases AR Days and lowers cost to collect by improving cash posting accuracy and revealing opportunities for denial prevention.
“Our ECM solution standardizes Norton’s revenue cycle workflow and gives us the transparency into processes to make continuous improvements. We moved from $14 million in unposted or unidentified cash to posting payments in under 48 hours of receipt.”
– Peggy Taylor, manager of PFS Cash/Refunds, Norton Healthcare