Nearly all business sectors today, face the difficulties of establishing effective debt collection management where the Healthcare segment is not left as an exception and is particularly very sensitive to debt collection issues. Moreover, amid the Covid-19 era, collecting copayments and coinsurance has become vigorously challenging.
The entire process of orchestrating the Revenue Cycle Management is complex as well as expensive, nonetheless, forms a critical element of every healthcare operation. With the advent of modern technology solutions, the struggles of healthcare businesses and medical administrators have been drastically lowered, while boosting productivity and revenue generation.
Yes, the talk is about RCM Process Automation.
The continued need to perform complicated and intensive operational activities led the inventors to develop robust software systems that enable automation in all the major aspects of medical billing.
The “Intelligent Health Automation” is aimed at optimizing medical processes and systems to contribute to the connectivity of health professionals, improve speed and efficiency in assistance centers, eliminate revenue leakage, void manual errors, provide greater transparency and security, and allow an ideal decision making.
Debt Collection & Management
Undoubtedly, monitoring the payment collection for services rendered and various other charges requires a lot of time and resources (human, material, financial).
Many steps follow:
-Referral to charges owed,
-Follow-up of payments,
-Management of reminders and communication with clients,
-Collection and financial reconciliation, etc.
Earlier the obvious ways established for the collection processes and to manage “bad payers” in all their forms, were often manual and cumbersome, complicating an organization’s operational tasks and chores: patient documentation, paper-based reminders, tracking these reminders, checking the status of payments, and much more.
In addition, the means and methods of payment were usually limited (limitation of accepted means of payment, limitation of payment methods (laborious staggering or non-existent), lack of automation in case of failure, that further added difficulty to the process of collecting the outstandings and dues.
With time, technology revolutionized the internal and external workings and paradigms and allowed medical practices to offer more flexibility and automation, from a patient’s intake to closing its financial account, significantly, shortening their payment terms and detecting bad payers more quickly.
[Prefer Reading: Top Tips to Improve Medical Billing Process & Revenue Generation]
For healthcare institutes that issue a large number of invoices, the problem is very similar: reducing data processing costs and human resources allocated to the settlement of invoices. Any organization that generates invoices will one day wonder how to optimize the management of their payments.
Establishments with a high DSO (Days Sales Outstanding) will see their cash flow heavily impacted. Therefore, it is essential to allow them to reduce the average payment time of customers as much as possible.
However, managing customer relationships in relation to debt collection is costly and time-consuming. Few companies have truly switched to digital payment and most of the steps in the debt collection process are still being processed manually:
-Management of customer relations for the settlement of invoices
-Management of payment statuses and monitoring of payments related to invoice collection
-Failure management and alternative claim scenarios
-Reconciliation of banking operations in the ERP or in the tool for budget, invoicing, cash management
This complicates the management of payments, especially since the main accepted means of payment are checks and transfers, the processing of which is complicated and poses certain difficulties in bank reconciliations (incoming transfer not referenced).
Credit card payments are rarely offered, although more and more practices and payor companies are advocating using them for low to medium volume payments. In addition, the diversification of the sales channels (online from a form, checks received by mail, payments by distance transfers), adds difficulty in the bank conciliation stage.
NetSet Digital’s Solutions
NetSet Digital’s vocation is to provide a complete payment system that allows it to automate the relationship with the client in relation to the payment of invoices, limit the obligations due to collection and facilitate the payment of its clients.
Digitizing invoice processing reduces costs by 25-50% compared to manual processing. Our RPA-enabled systems digitize claims without dehumanizing them and allow you to focus your time, resources, and income on developing your business and enhancing patient experiences.
Robotic Process Automation allows:
-Associate the payment links to your invoices and send them by email and SMS: Digitize your claims and send them to your clients by email and SMS with an optimized delivery rate.
-Submit requests for mass payment using an import file: you submit numerous payment requests easily by importing your spreadsheet of invoices to pay.
-Give your customers the possibility of pay as they wish: by card, transfer, direct debit, in several installments, or with several cards.
-Optimize and automate communications with your payment-related customers: edit email and SMS templates in advance, then schedule dispatch and reminder scenarios.
Our customized software systems facilitate Debt Management and allow accounting reconciliation, where each payment request includes a unique reference that you define and all your customers’ payments return to the same interface, regardless of the payment method.
[Prefer Reading: Advantages Healthcare Organization can Reap out of Automation]
Payment requests can be submitted from the online portal provided, but can also be directly integrated into your EHR or EMR tools.
This integration of software bots within your systems allows you to further advance the principles of automating your payment management. Whatever is your usage structure, you benefit from comprehensive accounting exports and monthly financial reports that are data-driven. All your payments get managed in real-time.
A few benefits listed:
Ensures the authenticity of documents with a double factor of authentication, identification, digital stamp
Captures the document authorship through user login and password.
-Access to Digital Records
Has quick and easy access to the digitized record’s history of the patient.
Has IT infrastructure supported by the renowned Cloud service provider
Fewer Debts, Less Headaches, More Revenue
Automation is essential for any modern healthcare organization. It simplifies a complex and often cumbersome process that, if not properly managed, can hinder the growth potential and standing of a healthcare business.
Partner with NetSet Digital and get ready to drive substantial financial gains, reducing your patient debts and lagging AR accounts, with customized and personalized automated systems and RPA bots.
[Prefer Reading: Shore Up Financial Health & Resiliency with Modern RCM Strategies]