Revenue Cycle Management
Getting paid has become imperative during a time when both hospitals and patients may be cash-strapped.
Northwell reportedly sued thousands of patients last year for unpaid medical bills averaging $1,700.
“A big contributing factor to this success was the creation of auto-text templates for common procedures, all pre-verified by coders to meet billing requirements,” said the health system’s CMIO.
Inpatient length of stay went up 8.7% year-over-year but ER visits fell 15.5% and operating room minutes declined 12.2%.
The system made no furloughs as a result of COVID-19, was able to give out bonuses and raises, and is on track to meet its financial baseline.
The agency is covering monoclonal antibody therapies at no cost for a broad range of providers and suppliers.
A positive side for Providence is its expanded virtual care offerings, which are expected to reach 1.4 million video visits by the end of the year.
AccessOne CEO Mark Spinner says as health systems face revenue cycle challenges due to COVID-19, delivering "patient-friendly" payment options is one key to maintaining margins.
As part of the new Patient Experience Digital Series, two clinicians explain how a virtual care model is helping more compassionately treat patients in their home communities while improving the provider experience.
For one health system, robotic process automation equates to about 27,000 hours in a month saved, which correlates to around $500,000.