Strategic partnerships between banks, hospitals, and RCM service and software providers have made a positive impact in the development of RCM software. Features that are consumer-driven and innovative have been developed to enhance the billing process for the healthcare industry, as a result of this strategic partnership.
Here are three features that have been created through strategic partnerships among institutions. Rev-Ignition, an RCM service and software provider, is proud to include these features in the solutions it provides for its clients.
According to Bankless Times (online publisher focusing on consumer and business finance news), the rate of billing clean claim increases by 22% just because healthcare institutions have eliminated the need to manually check if patients have the correct insurance on their records. An insurance verification feature can shorten the billing cycle by requiring patients to review and update the information they previously provided, even before they arrive at the hospital.
Patients who have verified insurance information get faster service and care because they already know which ones are covered by their insurance. This significantly improves their experience in hospitals or healthcare facilities.
A 62% increase in collections can be expected from patients if they are outright presented with their outstanding bills. This is according to Bankless Times.
If a payment options feature is then added to the RCM software, it will provide patients with more alternatives on how they can pay their hospital bills. However, this can only work if there is a wide range of payment options provided.
Most patients want various payment options like a payment plan, credit cards, secondary insurance, and HAS (Health Savings Account).
Connected systems enable patients and medical staff to access patient record whenever and wherever. This is achieved through web services, which can store and display patient information.
This feature eliminates repeated data entry, shortens patient admittance, and accelerates the billing process. It benefits both the hospital and its patients.
To enjoy these features, make sure that you’re using a reliable system like Rev-Ignition RCM services and software. The leading RCM provider offers medical establishments with solutions to improving financial processes.